{"slug":"how-to-get-approved-for-options-trading","qid":"margin_spread_ladder","label":"margin_spread_ladder","post_title":"how-to-get-approved-for-options-trading","post_url":"/blog/how-to-get-approved-for-options-trading#q-margin_spread_ladder","columns":["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"],"rows":[{"short_strike":740,"long_strike":735,"short_put_price":12.37,"long_put_price":10.6,"net_credit_dollars":177,"margin_requirement_dollars":323,"credit_pct_of_requirement":54.8,"cash_vs_margin_ratio":229.1,"spy_close":"742.45"},{"short_strike":735,"long_strike":730,"short_put_price":10.6,"long_put_price":8.96,"net_credit_dollars":164,"margin_requirement_dollars":336,"credit_pct_of_requirement":48.8,"cash_vs_margin_ratio":218.8,"spy_close":"742.45"},{"short_strike":730,"long_strike":725,"short_put_price":8.96,"long_put_price":7.71,"net_credit_dollars":125,"margin_requirement_dollars":375,"credit_pct_of_requirement":33.3,"cash_vs_margin_ratio":194.7,"spy_close":"742.45"},{"short_strike":725,"long_strike":720,"short_put_price":7.71,"long_put_price":6.58,"net_credit_dollars":113,"margin_requirement_dollars":387,"credit_pct_of_requirement":29.2,"cash_vs_margin_ratio":187.3,"spy_close":"742.45"},{"short_strike":720,"long_strike":715,"short_put_price":6.58,"long_put_price":5.72,"net_credit_dollars":86,"margin_requirement_dollars":414,"credit_pct_of_requirement":20.8,"cash_vs_margin_ratio":173.9,"spy_close":"742.45"},{"short_strike":715,"long_strike":710,"short_put_price":5.72,"long_put_price":4.87,"net_credit_dollars":85,"margin_requirement_dollars":415,"credit_pct_of_requirement":20.5,"cash_vs_margin_ratio":172.3,"spy_close":"742.45"},{"short_strike":710,"long_strike":705,"short_put_price":4.87,"long_put_price":4.19,"net_credit_dollars":68,"margin_requirement_dollars":432,"credit_pct_of_requirement":15.7,"cash_vs_margin_ratio":164.4,"spy_close":"742.45"},{"short_strike":705,"long_strike":700,"short_put_price":4.19,"long_put_price":3.59,"net_credit_dollars":60,"margin_requirement_dollars":440,"credit_pct_of_requirement":13.6,"cash_vs_margin_ratio":160.2,"spy_close":"742.45"},{"short_strike":700,"long_strike":695,"short_put_price":3.59,"long_put_price":3.18,"net_credit_dollars":41,"margin_requirement_dollars":459,"credit_pct_of_requirement":8.9,"cash_vs_margin_ratio":152.5,"spy_close":"742.45"}],"shape":"table","sql":"SELECT\n    s.strike                                                          AS short_strike,\n    l.strike                                                          AS long_strike,\n    s.put_price                                                       AS short_put_price,\n    l.put_price                                                       AS long_put_price,\n    toInt32(round((s.put_price - l.put_price) * 100))                 AS net_credit_dollars,\n    toInt32(round((s.strike - l.strike) * 100)) - net_credit_dollars  AS margin_requirement_dollars,\n    round(net_credit_dollars / margin_requirement_dollars * 100, 1)   AS credit_pct_of_requirement,\n    round(s.strike * 100 / margin_requirement_dollars, 1)             AS cash_vs_margin_ratio,\n    s.spy_close                                                       AS spy_close\nFROM\n(\n    SELECT\n        toInt32(round(toFloat64(strike_price)))               AS strike,\n        strike - 5                                            AS long_strike,\n        round(any(toFloat64(option_close)), 2)                AS put_price,\n        toString(round(any(toFloat64(underlying_close)), 2))  AS spy_close\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'SPY'\n      AND toDate(date) = toDate('2026-06-12')\n      AND toDate(expiration_date) = toDate('2026-07-17')\n      AND lower(toString(option_type)) LIKE 'p%'\n      AND iv_converged = 1\n      AND volume > 0\n      AND toFloat64(underlying_close) > 0\n      AND toFloat64(strike_price) < toFloat64(underlying_close)\n      AND toFloat64(strike_price) >= toFloat64(underlying_close) * 0.94\n      AND toInt32(round(toFloat64(strike_price))) % 5 = 0\n      AND abs(toFloat64(strike_price) - round(toFloat64(strike_price))) < 0.001\n    GROUP BY strike_price\n) AS s\nINNER JOIN\n(\n    SELECT\n        toInt32(round(toFloat64(strike_price)))               AS strike,\n        round(any(toFloat64(option_close)), 2)                AS put_price\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'SPY'\n      AND toDate(date) = toDate('2026-06-12')\n      AND toDate(expiration_date) = toDate('2026-07-17')\n      AND lower(toString(option_type)) LIKE 'p%'\n      AND iv_converged = 1\n      AND volume > 0\n      AND toFloat64(underlying_close) > 0\n      AND toFloat64(strike_price) < toFloat64(underlying_close)\n      AND toFloat64(strike_price) >= toFloat64(underlying_close) * 0.90\n      AND toInt32(round(toFloat64(strike_price))) % 5 = 0\n      AND abs(toFloat64(strike_price) - round(toFloat64(strike_price))) < 0.001\n    GROUP BY strike_price\n) AS l ON l.strike = s.long_strike\nORDER BY short_strike DESC","computed_at":"2026-09-17T14:59:25.280197+00:00","elapsed":0.00696019}