A short option position that is not fully collateralised if notification of assignment is received. See also NAKED.

The writing of a call option without ownership of the underlying asset ( uncovered call), or the writing of a put option without holding a short position in the underlying asset ( uncovered put). also called naked. see also covered call, covered put.

not supplied with a cover or covering; "an uncovered well"; "the stands are uncovered so take an umbrella"

not covered with clothing; "her exposed breast"