Or maybe they purchased this call to protect a short stock position rather than putting in a stop.

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This covered-call position is equivalent to a short put.

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Traders looking to hedge a short position on the networking sector might consider a May 40 call to take advantage of HRS's momentum and bearish sentiment backdrop.

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Tintle also manages risk in futures positions by using options, such as selling call options against a long position or selling puts against a short position.

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