But with an unhedged option spread like that, his losses are unlimited. I.e., QQQQ continues to skyrocket while SPY tanks (or is flat). Naked put selling is v

But with an unhedged option spread like that, his losses are unlimited. I.e., QQQQ continues to skyrocket while SPY tanks (or is flat). Naked put selling is very dangerous. (Well, his risk is limited to the strike, but that's a small consolation when the premium for selling the put is 5%-10% of that.)