Cash-secured put
Selling a put while holding enough cash to buy 100 shares at the strike if assigned. The seller keeps the premium in every outcome and ends up owning stock below the strike when assigned.
A cash-secured put is a limit buy order that pays you to wait. If the stock stays above the strike, the premium is the whole return; below it, you buy shares at an effective cost of strike minus premium.
Its risk profile at expiration is identical to a covered call at the same strike — a useful equivalence (put–call parity in street clothes) that stops people from believing one is safe and the other dangerous.
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