i'm not familiar with options trading - can you confirm if this is the right intuition? he basically sold an option on the high end to cap out his gains and us

i'm not familiar with options trading - can you confirm if this is the right intuition? he basically sold an option on the high end to cap out his gains and used that money to buy an option on the low end to ensure a profit, which guaranteed that he ended up with stock that was guaranteed to be worth something? i.e. he traded away an unlimited upside in order to gain a protected downside?