is a call option an investor has written against common stock owned. This can also describe a call option that is held in the same portfolio as a call option with the same expiration date but a lower striking price, or in the same portfolio as a call option of the same striking price but a later expiration date. is a short call option in which the writer does not own, or have a claim to, the underlying security or asset. is a subjective description that applies to any option that has substantial intrinsic value. is the act of transferring unwanted risk to another market participant who is willing to bear it. is the practice of writing deep-in-the-money covered calls to sell stock at a slightly above-market price, or writing in-the-money puts to acquire stock at a below-market price is a short put option in which the put writer deposit's the striking price of the put into an interest-bearing account; also called a cash-secured put