Liquidate: Liquidate (also referred to as Offset) stands for selling a previously purchased futures or options contract or to buy back a previously sold futures or options position.
Ring: Ring is a circular area on the trading floor of an exchange where traders and brokers stand while executing futures trades. Some exchanges use pits rather than rings.
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Naked options trading is very risky - many people lose money trading them. It is recommended contacting your broker or investment professional to find out about trading risk and margin requirements before getting involved into trading uncovered options.