What is the difference between straddle, strangle, and collars? What are advantages and disadvantages of straddle, strangle, and collars? What does it mean covered call? When is it used? What is the difference with the naked call?

https://www.cmegroup.com/education/courses/option-strategies.html

answer the questions below. In your initial response to the topic you have to answer all questions:

What is the difference between straddle, strangle, and collars?
What are advantages and disadvantages of straddle, strangle, and collars?
What does it mean covered call? When is it used? What is the difference with the naked call?
If you are going to invest in option, which option strategy would you choose?
Reflection – the students also should include a paragraph in the initial response in their own words, using finance terminology, reflecting on specifically what they learned from the assignment and how they think they could apply what they learned in the workplace or in everyday life.