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Uncovered call minimum per contract, strike about 5% out of the money

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 2026-08-22, from Margin for Selling Naked Options: Reg T Math.

as of ranking 5×3read in context →
Uncovered call minimum per contract, strike about 5% out of the money — 5 rows by 3 columns, computed from US exchange, SIP and OPRA data.
tickermain_branchfloor_branch
SPY111567463
MSFT55663756
AAPL41812890
NVDA29421995
KO1252813
Rows × columns
5 × 3
Computed
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 Uncovered call minimum per contract, strike about 5% out of the money, derived from the stored result.
ColumnTypeRangeNotes
ticker text 5 distinct values (AAPL, KO, MSFT…)
main_branch number 1,252 to 11,156
floor_branch number 813 to 7,463

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.

the exact SQL behind every number
SELECT
    ticker,
    round(100 * (0.20 * share_price - greatest(strike - share_price, 0.0)), 0) AS main_branch,
    round(100 * (0.10 * share_price), 0)                                       AS floor_branch
FROM
(
    SELECT
        underlying_symbol                AS ticker,
        max(toFloat64(underlying_close)) AS share_price,
        argMin(toFloat64(strike_price),
               abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1.05)) AS strike
    FROM global_markets.options_greeks
    WHERE underlying_symbol IN ('AAPL', 'MSFT', 'NVDA', 'SPY', 'KO')
      AND date = (
          SELECT max(date)
          FROM global_markets.options_greeks
          WHERE underlying_symbol = 'SPY'
            AND date BETWEEN '2026-06-01' AND '2026-06-30'
      )
      AND days_to_expiry BETWEEN 20 AND 45
      AND iv_converged = 1
      AND volume > 0
    GROUP BY underlying_symbol
)
ORDER BY main_branch DESC

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