Short call (naked)
BearishLimited profitUnlimited loss
Sell a naked call: collect premium, unlimited risk above.
Payoff at expiry — live BTC example
Net credit
$32.45
Max profit
$32.45
Max loss
Unlimited
Breakeven
67,032
Example legs (0.7 DTE front)
- Sell 67,000 call
Entry greeks (per 1 BTC notional): Δ -0.088 · Γ -0.1298 per 1% · vega $-4.60/pt · theta $91.10/day
How it works
You collect the premium up front and keep all of it if price finishes below the strike. Above the strike, losses grow one-for-one with price — without limit.
When to use it
You expect price to stay below a level into expiry and IV is rich. On Delta, margin for naked short options is substantial.
Risks & management
Unlimited upside risk: a gap through the strike can exceed many multiples of the credit. Size small, define an exit level, or convert to a spread.
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.