What are exposed options?

"Naked Option/Unsecured Option" is a synonym for "Naked Option"

English name: Naked Option Chinese name: Naked Option/Unsecured Option

This means that the option seller does not have a corresponding futures or spot position in the underlying stock, foreign exchange or commodity.

Issuing a call option without a long position in the underlying stock, or issuing a put option without a short position in the underlying stock, means a lack of adequate protection against price changes

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