I had short call options for my customer, which gave them the right to purchase stock, and I also owned equity to hedge my risk.

我向客户卖出看空期权，让他们有权买入股票，同时我也买入股票对冲自己的风险。

youdao

Call selling can be risky, particularly if sellers are naked short the call options and shares in Pfizer rally rather than retreat as the strategy predicts.

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However, if the trader is naked short the call options, he could face potentially devastating losses in the event that shares spike higher in the next four weeks.

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In other words, short-term options players have been more call-heavy only 22% of the time.

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