{"slug":"margin-for-selling-naked-options","qid":"call_ladder","label":"Reg T minimum branches for one uncovered AAPL call, by strike (dollars per share)","post_title":"Margin for Selling Naked Options: Reg T Math","post_url":"/blog/margin-for-selling-naked-options#q-call_ladder","columns":["strike","main_branch","floor_branch","branch_gap"],"rows":[{"strike":285,"main_branch":57.8,"floor_branch":28.9,"branch_gap":28.9},{"strike":290,"main_branch":56.81,"floor_branch":28.9,"branch_gap":27.91},{"strike":295,"main_branch":51.81,"floor_branch":28.9,"branch_gap":22.91},{"strike":300,"main_branch":46.81,"floor_branch":28.9,"branch_gap":17.91},{"strike":305,"main_branch":41.81,"floor_branch":28.9,"branch_gap":12.91},{"strike":310,"main_branch":36.81,"floor_branch":28.9,"branch_gap":7.91},{"strike":315,"main_branch":31.81,"floor_branch":28.9,"branch_gap":2.91},{"strike":320,"main_branch":26.81,"floor_branch":28.9,"branch_gap":-2.09},{"strike":325,"main_branch":21.81,"floor_branch":28.9,"branch_gap":-7.09},{"strike":330,"main_branch":16.81,"floor_branch":28.9,"branch_gap":-12.09},{"strike":335,"main_branch":11.81,"floor_branch":28.9,"branch_gap":-17.09},{"strike":340,"main_branch":6.81,"floor_branch":28.9,"branch_gap":-22.09}],"shape":"ranking","sql":"SELECT\n    round(toFloat64(strike_price), 2)                                          AS strike,\n    round(0.20 * max(toFloat64(underlying_close))\n          - greatest(toFloat64(strike_price) - max(toFloat64(underlying_close)), 0.0), 2) AS main_branch,\n    round(0.10 * max(toFloat64(underlying_close)), 2)                          AS floor_branch,\n    round(0.20 * max(toFloat64(underlying_close))\n          - greatest(toFloat64(strike_price) - max(toFloat64(underlying_close)), 0.0)\n          - 0.10 * max(toFloat64(underlying_close)), 2)                        AS branch_gap\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'AAPL'\n  AND date = (\n      SELECT max(date)\n      FROM global_markets.options_greeks\n      WHERE underlying_symbol = 'AAPL'\n        AND date BETWEEN '2026-06-01' AND '2026-06-30'\n  )\n  AND days_to_expiry BETWEEN 20 AND 45\n  AND iv_converged = 1\n  AND volume > 0\n  AND toFloat64(strike_price) BETWEEN 0.98 * toFloat64(underlying_close)\n                                  AND 1.18 * toFloat64(underlying_close)\nGROUP BY strike_price\nORDER BY strike","computed_at":"2026-08-22T04:16:15.119964+00:00","elapsed":0.054925441}