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Selling an option creates an the obligation of the seller to provide the option buyer with the and shares or futures contract for a corresponding long position for nude couple paint call option or the cash necessary for a corresponding short position for a put option at expiration. If the seller has no ownership of the underlying asset or the corresponding cash necessary for execution of a put option, then the seller will need to acquire it at expiration based on current market prices.
With no protection from the price volatility, such positions are considered highly vulnerable to loss and thus referred to as uncovered, or more colloquially, as naked. Amateur cocksucking options are attractive to traders and investors because they have the expected volatility built into the price.
If the underlying security moves in the opposite direction that the option buyer anticipated, or even if it moves in the buyer's favor but not enough to account for the volatility already built into the price, then the seller of the option gets to keep any out of naked money premium. That typically means that option sellers win around 70 percent of trades.
A setup that appeals to traders and investors who like to win the majority of their trades. If the trader does not own the underlying stock, the seller will have to acquire the stock, then sell the stock to the option buyer to satisfy the obligation if the spread is exercised.
The ultimate effect is that this creates a short-sell position in the option spread account on the Monday after expiration. In the case of a seller who sold a put option, the ultimate effect would be to create a long stock position in the option sellers account--a position purchased with cash from the option sellers account. For example, imagine a trader who believes that a stock is unlikely to rise in value over the next three months, but she is not very confident that a potential decline would be and large.
In this case, she decides not to purchase the stock because she believes naked option is likely to expire worthless and she will keep the entire premium.
In this scenario, the trader has an option that will be exercised.