The maximum number of put or call contracts on the same side of the market that can be held in any one account or group of related accounts. Short puts and long calls are on the same side of the market. Short calls and long puts are on the same side of the market. Some exchanges express the limit in terms of option contracts on the same side of the market and others express it in terms of total long or short or short delta.
See Also:
Position: The total of a trader's open contracts - the combined total of antrader's open option contracts (calls and/or puts) and long or short stock.