margin_spread_ladder

Name: margin_spread_ladder
Creator: Strasmore
Published: 2026-09-17
License: https://www.strasmore.com/terms/

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 2026-09-17, from how-to-get-approved-for-options-trading.

as of 2026-09-17 table 9×9read in context →

margin_spread_ladder — 9 rows by 9 columns, computed 2026-09-17 from US exchange, SIP and OPRA data.
short_strike	long_strike	short_put_price	long_put_price	net_credit_dollars	margin_requirement_dollars	credit_pct_of_requirement	cash_vs_margin_ratio	spy_close
740	735	12.37	10.6	177	323	54.8	229.1	742.45
735	730	10.6	8.96	164	336	48.8	218.8	742.45
730	725	8.96	7.71	125	375	33.3	194.7	742.45
725	720	7.71	6.58	113	387	29.2	187.3	742.45
720	715	6.58	5.72	86	414	20.8	173.9	742.45
715	710	5.72	4.87	85	415	20.5	172.3	742.45
710	705	4.87	4.19	68	432	15.7	164.4	742.45
705	700	4.19	3.59	60	440	13.6	160.2	742.45
700	695	3.59	3.18	41	459	8.9	152.5	742.45

Rows × columns: 9 × 9
Computed: 2026-09-17
Completeness: No missing values
Source: US exchange, SIP and OPRA market data
Licence: Strasmore terms · free, no signup
Formats: JSON · CSV · the SQL below

What each column holds

Column definitions for margin_spread_ladder, derived from the stored result.
Column	Type	Range	Notes
`short_strike`	number	700 to 740	US dollars
`long_strike`	number	695 to 735	US dollars
`short_put_price`	number	3.59 to 12.37	US dollars
`long_put_price`	number	3.18 to 10.6	US dollars
`net_credit_dollars`	number	41 to 177
`margin_requirement_dollars`	number	323 to 459
`credit_pct_of_requirement`	number	8.9 to 54.8	percent
`cash_vs_margin_ratio`	number	152.5 to 229.1	ratio or rate
`spy_close`	text	1 distinct value (742.45)

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 2026-09-17, and the query below is what returned them.

the exact SQL behind every number

SELECT
    s.strike                                                          AS short_strike,
    l.strike                                                          AS long_strike,
    s.put_price                                                       AS short_put_price,
    l.put_price                                                       AS long_put_price,
    toInt32(round((s.put_price - l.put_price) * 100))                 AS net_credit_dollars,
    toInt32(round((s.strike - l.strike) * 100)) - net_credit_dollars  AS margin_requirement_dollars,
    round(net_credit_dollars / margin_requirement_dollars * 100, 1)   AS credit_pct_of_requirement,
    round(s.strike * 100 / margin_requirement_dollars, 1)             AS cash_vs_margin_ratio,
    s.spy_close                                                       AS spy_close
FROM
(
    SELECT
        toInt32(round(toFloat64(strike_price)))               AS strike,
        strike - 5                                            AS long_strike,
        round(any(toFloat64(option_close)), 2)                AS put_price,
        toString(round(any(toFloat64(underlying_close)), 2))  AS spy_close
    FROM global_markets.options_greeks
    WHERE underlying_symbol = 'SPY'
      AND toDate(date) = toDate('2026-06-12')
      AND toDate(expiration_date) = toDate('2026-07-17')
      AND lower(toString(option_type)) LIKE 'p%'
      AND iv_converged = 1
      AND volume > 0
      AND toFloat64(underlying_close) > 0
      AND toFloat64(strike_price) < toFloat64(underlying_close)
      AND toFloat64(strike_price) >= toFloat64(underlying_close) * 0.94
      AND toInt32(round(toFloat64(strike_price))) % 5 = 0
      AND abs(toFloat64(strike_price) - round(toFloat64(strike_price))) < 0.001
    GROUP BY strike_price
) AS s
INNER JOIN
(
    SELECT
        toInt32(round(toFloat64(strike_price)))               AS strike,
        round(any(toFloat64(option_close)), 2)                AS put_price
    FROM global_markets.options_greeks
    WHERE underlying_symbol = 'SPY'
      AND toDate(date) = toDate('2026-06-12')
      AND toDate(expiration_date) = toDate('2026-07-17')
      AND lower(toString(option_type)) LIKE 'p%'
      AND iv_converged = 1
      AND volume > 0
      AND toFloat64(underlying_close) > 0
      AND toFloat64(strike_price) < toFloat64(underlying_close)
      AND toFloat64(strike_price) >= toFloat64(underlying_close) * 0.90
      AND toInt32(round(toFloat64(strike_price))) % 5 = 0
      AND abs(toFloat64(strike_price) - round(toFloat64(strike_price))) < 0.001
    GROUP BY strike_price
) AS l ON l.strike = s.long_strike
ORDER BY short_strike DESC

Run your own version of this

The same 22 years of US equities and 12 years of options data are queryable in SQL or plain English. A free account runs 100 queries a day and takes no card.

More from this analysishow-to-get-approved-for-options-trading

cash_account_ladder table 9×5 → The 2s10s spread, every print of the half table 124×2 → The 2s10s spread, every print of the half table 124×2 → Every half-year since 1976: the 2y and 10y change, the twist between them, and the half's lowest 2s10s print table 100×7 → SPY at one-minute resolution, 2:00–3:30 pm ET on May 6, 2010 table 90×4 → Executed volume by price level: the traded ladder (KO, 30 minutes) table 63×3 → See all 2,309 queries →