{"slug":"margin-for-selling-naked-options","qid":"contract_cost","label":"Uncovered call minimum per contract, strike about 5% out of the money","post_title":"Margin for Selling Naked Options: Reg T Math","post_url":"/blog/margin-for-selling-naked-options#q-contract_cost","columns":["ticker","main_branch","floor_branch"],"rows":[{"ticker":"SPY","main_branch":11156,"floor_branch":7463},{"ticker":"MSFT","main_branch":5566,"floor_branch":3756},{"ticker":"AAPL","main_branch":4181,"floor_branch":2890},{"ticker":"NVDA","main_branch":2942,"floor_branch":1995},{"ticker":"KO","main_branch":1252,"floor_branch":813}],"shape":"ranking","sql":"SELECT\n    ticker,\n    round(100 * (0.20 * share_price - greatest(strike - share_price, 0.0)), 0) AS main_branch,\n    round(100 * (0.10 * share_price), 0)                                       AS floor_branch\nFROM\n(\n    SELECT\n        underlying_symbol                AS ticker,\n        max(toFloat64(underlying_close)) AS share_price,\n        argMin(toFloat64(strike_price),\n               abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1.05)) AS strike\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol IN ('AAPL', 'MSFT', 'NVDA', 'SPY', 'KO')\n      AND date = (\n          SELECT max(date)\n          FROM global_markets.options_greeks\n          WHERE underlying_symbol = 'SPY'\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    GROUP BY underlying_symbol\n)\nORDER BY main_branch DESC","computed_at":"2026-08-22T04:16:15.469979+00:00","elapsed":0.070128551}