Also known as: Synthetic Short Stock
Sell ATM call + buy ATM put. Replicates short stock with options.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
Sell an at-the-money call and buy an at-the-money put at the same strike. The payoff replicates shorting 100 shares — without locating borrow.
Bearish stock-like exposure when shares are hard or expensive to borrow. Also used to flatten an existing long position synthetically.
UNLIMITED, exactly like a short stock position — the naked call has no ceiling. Hard-to-borrow names often price this unfavorably for a reason.
New to options? Start with the free curriculum — or see which strategy fits your outlook.
Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.