Explanation:

- The code seems to involve alternatingly increasing and decreasing the letters by a fixed number.

- For 'HAPPY' -> 'JCRRA':

- H to J (+2), A to C (+2), P to R (+2), P to R (+2), Y to A (-24).

- For 'MAGIC' -> 'OCIKE':

- M to O (+2), A to C (+2), G to I (+2), I to K (+2), C to E (+2).

- Applying the same pattern to 'LEVEL':

- L to N (+2)

- E to G (+2)

- V to X (+2)

- E to G (+2)

- L to N (+2)

- Thus, 'LEVEL' is written as 'NGXGN'.

- Correct Answer: Option 4: NGXGN