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Writing or Selling a Call Option is when you give the buyer of the call option the right to buy a stock from you at a certain price by a certain date. In other words, the seller (also known as the writer) of the call option can be forced to sell a stock at the strike price. The seller of the call receives the premium that the buyer of the call option pays. If the seller of the call owns the underlying stock, then it is called writing a covered call.. If the seller of the call does NOT own the underlying stock, then it is called writing a naked call.. Obviously, in this instance it is naked because the seller does not own the underlying stock. The best way to understand the writing of a call is to read the following example.
To buy either a put or call, the investor must enter a âbuy to openâ order. To write a put or a call, she must enter a âsell to openâ order. Exiting an order requires closing the position. If the investor bought an option, she needs to use a âsell to closeâ order. Essentially, this is like owning a stock and selling it back into the market to close the position. If the investor wrote an option, she needs to use the âbuy to closeâ order to close the position. In summary, the investor holding a short position can sell to open to enter a contract, or buy to close to exit a position.