An option combination that longs a stock and shorts a call (long stock + short call) so the investor can participate in, and take advantage of, the downside- rather than the upside- potential. More specifically, this “weird” strategy revolves around two contradicting courses of action: buying the stock and writing a call on it- one bullish and the other bearish. The short call gives the holder the right to buy the underlying stock at a strike price lower than its market price (that is, when the stock rises in value!).
The following figure illustrates this strategy:
