# Series 7 Exam Prep 45, Short Calls and Short Puts

Page: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-45-short-calls-and-short-puts
Text version: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-45-short-calls-and-short-puts.md
Podcast: [Open Exam Prep](https://stenobird.com/podcast/open-exam-prep-7140559)
Published: 2026-07-22T01:01:53+00:00
Episode link: https://open-exam-prep.captivate.fm/episode/series-7-exam-prep-45-short-calls-and-short-puts
Audio file: https://episodes.captivate.fm/episode/42a457af-5884-4f42-9d54-57764e1ccd0f.mp3
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Duration seconds: 205

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Selling an option creates an obligation to either sell stock (short call) or buy stock (short put). - The maximum gain for any short option position is always limited to the premium collected. - A short uncovered call has unlimited maximum loss, making it one of the riskiest equity strategies. - The breakeven for a short call is the strike price plus the premium; for a short put, it's the strike price minus the premium. - Due to their high-risk nature, uncovered short options are unsuitable for conservative, risk-averse investors. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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