AAPL puts, June 20, 2025 expiration: FINRA margin vs. cash-secured requirement at the May 19, 2025 close
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-09-18, from How Much Money Do You Need to Trade Options?.
| strike | pct_below_close | credit_usd | margin_required_usd | cash_secured_usd |
|---|---|---|---|---|
| 190 | 9 | 148 | 2436 | 19000 |
| 192.5 | 7.9 | 189 | 2727 | 19250 |
| 195 | 6.7 | 221 | 3009 | 19500 |
| 197.5 | 5.5 | 280 | 3318 | 19750 |
| 200 | 4.3 | 320 | 3608 | 20000 |
| 202.5 | 3.1 | 397 | 3935 | 20250 |
| 205 | 1.9 | 476 | 4264 | 20500 |
| 207.5 | 0.7 | 575 | 4613 | 20750 |
- Rows × columns
- 8 × 5
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
strike |
text | 8 distinct values (190, 192.5, 195…) | |
pct_below_close |
number | 0.7 to 9 | percent |
credit_usd |
number | 148 to 575 | US dollars |
margin_required_usd |
number | 2,436 to 4,613 | US dollars |
cash_secured_usd |
number | 19,000 to 20,750 | US dollars |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
SELECT
toString(toFloat64(strike_price)) AS strike,
round((1 - toFloat64(strike_price) / toFloat64(max(underlying_close))) * 100, 1) AS pct_below_close,
toUInt32(round(toFloat64(max(option_close)) * 100)) AS credit_usd,
toUInt32(round(greatest(
0.20 * toFloat64(max(underlying_close))
- greatest(toFloat64(max(underlying_close)) - toFloat64(strike_price), 0.0)
+ toFloat64(max(option_close)),
0.10 * toFloat64(strike_price) + toFloat64(max(option_close))
) * 100)) AS margin_required_usd,
toUInt32(toFloat64(strike_price) * 100) AS cash_secured_usd
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
AND toDate(date) = '2025-05-19'
AND toDate(expiration_date) = '2025-06-20'
AND lower(toString(option_type)) IN ('p', 'put')
AND iv_converged = 1
AND volume > 0
AND toFloat64(strike_price) <= toFloat64(underlying_close)
AND toFloat64(strike_price) >= toFloat64(underlying_close) * 0.90
GROUP BY strike_price
ORDER BY strike_price
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