裸期权对应英文naked option。其英文释义如下：

A naked option, also known as an "uncovered" option, is created when the seller of an option contract does not own the underlying security needed to meet the potential obligation that results from selling—also known as "writing" or "shorting"—an option. In other words, the seller has no protection from an adverse shift in price.

即：裸期权，也称为无保护期权，是在期权合约的卖方并未持有履行因出售而产生的潜在义务所需的基础证券时卖空期权。

裸期权是指在到期时未事先预留任何股份或现金以履行期权义务而出售的期权。在到期前会因价格的快速变化而面临巨大损失的风险。行使的裸看涨期权在卖方账户中创建空头头寸。行使的裸看跌期权在卖方账户中创建多头头寸，用可用现金购买。

例

A naked option is created when the option writer (seller) does not currently own any, or enough, of the underlying security to meet their potential obligation.

当期权卖方（卖方）目前没有任何或足够的基础证券来履行其潜在义务时，就会创建裸期权。

Naked options are attractive to traders and investors because they have the expected volatility built into the price.

裸期权对交易者和投资者很有吸引力，因为其价格具有预期的波动性。