Unfortunately schedule-wise I didn’t have time to really cover this. The whole min/max thing looks real confusing thus preventing me from attempting to straight memorize it. I’m therefore trying to get a fundamental understanding, however with time constrictions considering the exam is tomorrow.
Any quick tips y’all could give? Thanks.
Look at the payoff graphs. The dotted line showing the net position is especially informative. Don’t even try to memorize those evil, vile, nasty, dirty, smelly, tax-cheating, wife-swapping, devil-worshipping formulas.
A picture paints a thousand words. 
Lmaaoooo thanks. I’m a visual person and by drawing the graphs I think i’m able to derive the payoffs. Only fret is time constraint but i’m leaving derivs for the end regardless.
Diagrams!
The diagrams in the book all assume you are long the given combo. To short them, just flip the graphs along the x-axis!