Options Glossary: U

Uncovered call option writing

A short call option position in which the writer does not own an equivalent position in the underlying security represented by his or her option contracts.

Uncovered put option writing

A short put option position in which the writer does not have a corresponding short position in the underlying security or has not deposited, in a cash account, cash or cash equivalents equal to the exercise value of the put.

Underlying security

The security subject to being purchased or sold upon exercise of the option contract.

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