This was originally published on RealMoney. It is being republished as a bonus for TheStreet.com readers.In this week's Options Mailbag, we tackle questions regarding merger activity, and the names given to certain positions. With the recent spate of merger activity, readers have been asking whether options can be used to profit from the price spreads between the bid and the current price. An example is the announcement that Dow Chemical ( DOW) will paying $78 share, or $15 billion in cash, for Rohm and Hass ( ROH). One reader asked the following question.