Short Call (Naked Call)
Description
Selling a call option uncovered to collect premium, betting the underlying stays below the strike through expiry.
Setup
- Sell one call option, typically out of the money.
- Hold no offsetting position in the underlying.
Context
A pure income play for a trader who expects the underlying to stagnate or fall and is comfortable carrying uncapped upside exposure in exchange for the premium.
Risk Profile
Maximum gain is the premium collected. Loss grows without bound as the underlying rises above the strike, since there is no offsetting long position.
Pros
- Collects premium immediately.
- Profits from time decay working in your favor.
- Does well in flat or falling markets.
Cons
- Loss is theoretically unlimited on a sharp rally.
- Usually requires significant margin.
- One large adverse move can erase many prior wins.
Effect of Time
Time decay favors the seller; the position gains value every day the underlying stays below the strike.
Effect of Volatility
Rising implied volatility hurts the position by inflating the value of the short option.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Short | Call | 1 | $75000.0000 | 20 Nov 2026 | 38.5% | $1950.0166 | $1912.5163 | 80.0000 | $22.5002 |
Net cost, breakevens, the payoff chart and the scenario table are after costs: every leg filled by crossing the spread, estimated fees included -- the same numbers the Scanner ranks by.
Estimated Cost to Assemble
An estimate of what entering this structure right now would really cost: filling every leg by crossing the spread (the ask when buying, the bid when selling) instead of at the mid-price, plus an estimated exchange fee. Real fees and fills can differ from this estimate.
Compare venues
These exact contracts -- same strikes, expiries and ratios -- on every venue BOSS tracks for this currency, at execution: what selling (bid) or buying (ask) each leg there comes to, after that venue's own fee. Green marks the best venue for each leg and for the whole structure.
| Deribit this page | Bybit | OKX | |
|---|---|---|---|
| Index? | $74877.7000 | $74971.8621 | $74879.7000 |
| Mid-Price Cost | -$1950.0166 | -$1987.5000 | -$1931.4911 |
| Slippage? | +$37.5003 | +$2.5000 | +$18.7523 |
| Estimated Fees? | +$22.5002 | +$22.5401 | +$22.5028 |
| Total Estimated Cost | -$1890.0161 | -$1962.4599$72.4400 better than this page | -$1890.2359$0.2200 better than this page |
| Max Profit? | $1890.0161 | $1962.4599 | $1890.2359 |
| Max Loss? | Uncapped | Uncapped | Uncapped |
| Breakeven(s)? | $76890.0161 | $76962.4599 | $76890.2359 |
| Structure IV? | 38.5% | 38.8% | 38.3% |
| Open on this venue → | Open on this venue → |
Each leg: what it nets there per contract (fill price with the fee folded in), then the fill price, fee, IV and the size quoted at that price.
For comparing prices, not a recommendation: quotes move by the second, size is only what's shown at the top of the book, fees are each venue's published estimate, and the venues settle against different indexes and margin separately.
Market Context
This expiry as the Dashboard sees it: how the legs are priced against at-the-money and realized volatility, and where the expiry's forward sits against spot.
Volatility Smile?
Implied volatility across strikes at this expiry; the marked lines are this structure's strikes. Buying on the high part of the curve pays up for volatility; selling there collects it.
Leg bought Leg sold
Payoff & Greeks vs. Underlying Price
The Greeks curves are a Black-Scholes model using each leg's current implied volatility, holding time to expiry fixed -- not live exchange data at every price, which only exists at the current price (dashed line).
Payoff at Expiration
After costs At mid price
This structure's value and profit/loss at expiration, at a handful of specific prices: every leg's strike, every breakeven, the current spot, and the chart's own range.
| Underlying Price | Value at Expiration | Profit / Loss | Return on Cost |
|---|---|---|---|
| $60000.0000 | $0.0000 | $1890.0161 | +100.0% |
| $75000.0000 current | $0.0000 | $1890.0161 | +100.0% |
| $76890.0161 breakeven | -$1890.0161 | $0.0000 | +0.0% |
| $90000.0000 | -$15000.0000 | -$13109.9839 | -693.6% |
Delta (model)?
Gamma (model)?
Vega (model)?
Theta (model)?
Rho (model)?
Alternatives
From the Scanner's latest pass (21:31:48 UTC), priced at execution like everything above.
Same payoff through other strategies
| Strategy | Market | vs. this one | Credit/Debit | Max Profit? | Max Loss? | Prob. of Profit? | Max Profit / Max Loss? |
|---|---|---|---|---|---|---|---|
| Covered Put75000 | Bybit · BTC | $116.4452 | -$77006.4613 | $2006.4613 | Uncapped | 66% | — |
| Covered Put75000 | OKX · BTC | $10.4020 | -$76900.4182 | $1900.4182 | Uncapped | 66% | — |
| Covered Put75000 | Deribit · BTC | $0.5272 | -$76890.5434 | $1890.5434 | Uncapped | 66% | — |
Other strikes and widths of this strategy
| Strategy | Market | vs. this one | Credit/Debit | Max Profit? | Max Loss? | Prob. of Profit? | Max Profit / Max Loss? |
|---|---|---|---|---|---|---|---|
| Short Call (Naked Call)78000 | Deribit · BTC | — | -$765.0073 | $765.0073 | Uncapped | 78% | — |
| Short Call (Naked Call)77000 | Deribit · BTC | — | -$1065.0075 | $1065.0075 | Uncapped | 74% | — |
| Short Call (Naked Call)76000 | Deribit · BTC | — | -$1440.0102 | $1440.0102 | Uncapped | 70% | — |