Reg T minimum branches for one uncovered AAPL put, by strike (dollars per share)

Name: Reg T minimum branches for one uncovered AAPL put, by strike (dollars per share)
Creator: Strasmore
Published: 2026-08-22
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 2026-08-22, from Margin for Selling Naked Options: Reg T Math.

as of 2026-08-22 ranking 11×4read in context →

Reg T minimum branches for one uncovered AAPL put, by strike (dollars per share) — 11 rows by 4 columns, computed 2026-08-22 from US exchange, SIP and OPRA data.
strike	main_branch	floor_branch	branch_gap
240	8.79	24	-15.21
245	13.79	24.5	-10.71
250	18.79	25	-6.21
255	23.79	25.5	-1.71
260	28.79	26	2.79
265	33.79	26.5	7.29
270	38.79	27	11.79
275	43.79	27.5	16.29
280	48.79	28	20.79
285	53.79	28.5	25.29
290	57.8	29	28.8

Rows × columns: 11 × 4
Computed: 2026-08-22
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 Reg T minimum branches for one uncovered AAPL put, by strike (dollars per share), derived from the stored result.
Column	Type	Range	Notes
`strike`	number	240 to 290	US dollars
`main_branch`	number	8.79 to 57.8
`floor_branch`	number	24 to 29
`branch_gap`	number	-15.21 to 28.8

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 2026-08-22, and the query below is what returned them.

the exact SQL behind every number

SELECT
    round(toFloat64(strike_price), 2)                                          AS strike,
    round(0.20 * max(toFloat64(underlying_close))
          - greatest(max(toFloat64(underlying_close)) - toFloat64(strike_price), 0.0), 2) AS main_branch,
    round(0.10 * toFloat64(strike_price), 2)                                   AS floor_branch,
    round(0.20 * max(toFloat64(underlying_close))
          - greatest(max(toFloat64(underlying_close)) - toFloat64(strike_price), 0.0)
          - 0.10 * toFloat64(strike_price), 2)                                 AS branch_gap
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
  AND date = (
      SELECT max(date)
      FROM global_markets.options_greeks
      WHERE underlying_symbol = 'AAPL'
        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
  AND toFloat64(strike_price) BETWEEN 0.82 * toFloat64(underlying_close)
                                  AND 1.02 * toFloat64(underlying_close)
GROUP BY strike_price
ORDER BY strike

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