Iron Condor
Mechanics · 10 min

The short put: cash-secured and naked

Selling a put collects premium for the obligation to buy at the strike. With cash backing it, the worst case is owning shares cheap. With margin, the worst case is operational.

In this lesson

  • Cash-secured: the entry door
  • Assignment as a feature
  • Naked: secured by margin
  • The "stocks you actually want" rule
  • Strike selection by delta

Read the full lesson in the app

The complete lesson, with worked examples, callouts, and a quiz to test yourself, is in Iron Condor Options.

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