Selling a call option without owning the underlying stock (naked). You collect premium hoping the stock stays below the strike. This is one of the riskiest options strategies due to theoretically unlimited upside risk.
Limited to: Premium received
Unlimited (theoretically infinite as stock can rise infinitely)
Strike Price + Premium received
Short 1 Call (naked/uncovered)
Limited profit (premium). Unlimited risk. Highest risk options strategy.
Only for experienced traders. When you're strongly bearish or neutral. When IV is very high and you want to sell expensive premium. Requires significant margin and risk tolerance.