{"slug":"how-much-money-do-you-need-to-trade-options","qid":"put_ladder","label":"put_ladder","post_title":"how-much-money-do-you-need-to-trade-options","post_url":"/blog/how-much-money-do-you-need-to-trade-options#q-put_ladder","columns":["strike","pct_below_close","credit_usd","margin_required_usd","cash_secured_usd"],"rows":[{"strike":"190","pct_below_close":9,"credit_usd":148,"margin_required_usd":2436,"cash_secured_usd":19000},{"strike":"192.5","pct_below_close":7.9,"credit_usd":189,"margin_required_usd":2727,"cash_secured_usd":19250},{"strike":"195","pct_below_close":6.7,"credit_usd":221,"margin_required_usd":3009,"cash_secured_usd":19500},{"strike":"197.5","pct_below_close":5.5,"credit_usd":280,"margin_required_usd":3318,"cash_secured_usd":19750},{"strike":"200","pct_below_close":4.3,"credit_usd":320,"margin_required_usd":3608,"cash_secured_usd":20000},{"strike":"202.5","pct_below_close":3.1,"credit_usd":397,"margin_required_usd":3935,"cash_secured_usd":20250},{"strike":"205","pct_below_close":1.9,"credit_usd":476,"margin_required_usd":4264,"cash_secured_usd":20500},{"strike":"207.5","pct_below_close":0.7,"credit_usd":575,"margin_required_usd":4613,"cash_secured_usd":20750}],"shape":"table","sql":"SELECT\n    toString(toFloat64(strike_price))                                                 AS strike,\n    round((1 - toFloat64(strike_price) / toFloat64(max(underlying_close))) * 100, 1)  AS pct_below_close,\n    toUInt32(round(toFloat64(max(option_close)) * 100))                               AS credit_usd,\n    toUInt32(round(greatest(\n        0.20 * toFloat64(max(underlying_close))\n          - greatest(toFloat64(max(underlying_close)) - toFloat64(strike_price), 0.0)\n          + toFloat64(max(option_close)),\n        0.10 * toFloat64(strike_price) + toFloat64(max(option_close))\n    ) * 100))                                                                         AS margin_required_usd,\n    toUInt32(toFloat64(strike_price) * 100)                                           AS cash_secured_usd\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'AAPL'\n  AND toDate(date) = '2025-05-19'\n  AND toDate(expiration_date) = '2025-06-20'\n  AND lower(toString(option_type)) IN ('p', 'put')\n  AND iv_converged = 1\n  AND volume > 0\n  AND toFloat64(strike_price) <= toFloat64(underlying_close)\n  AND toFloat64(strike_price) >= toFloat64(underlying_close) * 0.90\nGROUP BY strike_price\nORDER BY strike_price","computed_at":"2026-09-18T15:22:56.750587+00:00","elapsed":0.004128167}