Let me give you a scenario, and I have a quick question. Suppose eur / usd spot ( cash ) is now 1.2210, and I sell 10 contract of sept call strike 1.2250, and I am long 10 contract also @1.2210 ( to cover the sold call position ). Then the next day spot reaches 1.2240â¦( still not in the money ..not obligated to deliver the sold option ). Can I take the profit generated from my long position ( sell the 10 contract ( had bought it @1.2210 .. now sell it @ its current spot 1.2240 , take profit, and then buy back 10 contract inorder to cover the sold call that will remain there ( since I will be naked by doing what I just described ) I understand that I will be loosing the spot spread of 3 pips of courseâ¦ In other words by me selling the long position to take profit, I will be naked for few seconds , âtill I buy back to go long to cover the sold call. Same applies for sold put. If I had sold put 1.2200, and go short @ 1.2210 and the price goes to 1.2202, then can I cover my short to take profit ..and sell short real quick to cover the sold put. Even in the case of the sold call or put being in the money but the person who bought it from me did not exercise it, can I still take profit quickly, and by back ( or sell back ) to cover the sold option.