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Option Strategies with Unlimited Loss and Limited Profit

An option strategy has unlimited loss if it is net short call options or underlying. The theoretically unlimited loss occurs on the upside (when underlying price gets infinitely high).

This list assumes underlying price can't be negative, which is the case with most underlying assets. Therefore, strategies whose maximum loss occurs at zero underlying price (net short puts, net long underlying) are not included. Their maximum loss may be very high, but it is still limited.