Naked Option

裸期权（Naked Option）裸期权又称无保护期权、无掩护选择权，是指期权卖方本身并未持有期权标的资产的期权，如股票看涨期权卖方本身并没有持有期权相应的股票。

An option position where the buyer or seller has no underlying security position.

Naked options are very risky. Profits are huge if the underlying asset moves in the direction desired by the investor. On the other hand, a writer of a naked option can lose big if the underlying asset moves in the opposite direction.