What are naked options?

A naked option is a single-leg options position — either buying or selling one option without a corresponding stock position or opposite leg to define risk. Long options (buying calls or puts) offer defined risk with unlimited upside potential. Short naked options collect premium but carry unlimited risk on calls and substantial risk on puts.

Naked options are directional bets, unlike the income-focused wheel strategy or defined-risk spreads. They're typically used for short-term trades around catalysts, earnings, or strong technical setups.

How this tracker works

Log any single-leg option trade — long call, long put, short call, or short put. The tracker calculates your max profit, max loss, and realized P&L automatically. Close positions as expired, sold, or assigned. Track which advisors or strategies are generating the best returns over time.

Your dashboard shows total P&L across all option types, open position count, win rate, and total capital at risk. Create a free account to sync across all your devices.

Risk management tips

• Size long options conservatively. Long options can go to zero. Never risk more than 1-5% of your account on a single long option trade.
• Know your breakeven. Long calls need the stock to move above strike + premium paid. Long puts need the stock to fall below strike - premium paid.
• Manage short options carefully. Naked short calls have theoretically unlimited risk. Always have a plan for what you'll do if the trade moves against you.
• Track your advisors. If you're following trading services or influencers, the Advisor field lets you see exactly which source is generating actual returns for you.