Selling a put option without shorting the underlying stock. You collect premium hoping the stock stays above the strike. If assigned, you buy the stock at the strike. Similar to cash-secured put but may use margin instead of cash.
Limited to: Premium received
Strike Price × 100 - Premium received (substantial, to near zero)
Strike Price - Premium received
Short 1 Put (naked/uncovered)
Limited profit (premium). Substantial risk (stock could theoretically go to zero).
When you're bullish and willing to buy the stock if assigned. When IV is high. Requires margin if not cash-secured. Common strategy for entering stock positions.