i&#x27;m not familiar with options trading - can you confirm if this is the right intuition?<p>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 <i>something</i>?<p>i.e. he traded away an unlimited upside in order to gain a protected downside?