{"slug":"margin-for-selling-naked-options","qid":"put_ladder","label":"Reg T minimum branches for one uncovered AAPL put, by strike (dollars per share)","post_title":"Margin for Selling Naked Options: Reg T Math","post_url":"/blog/margin-for-selling-naked-options#q-put_ladder","columns":["strike","main_branch","floor_branch","branch_gap"],"rows":[{"strike":240,"main_branch":8.79,"floor_branch":24,"branch_gap":-15.21},{"strike":245,"main_branch":13.79,"floor_branch":24.5,"branch_gap":-10.71},{"strike":250,"main_branch":18.79,"floor_branch":25,"branch_gap":-6.21},{"strike":255,"main_branch":23.79,"floor_branch":25.5,"branch_gap":-1.71},{"strike":260,"main_branch":28.79,"floor_branch":26,"branch_gap":2.79},{"strike":265,"main_branch":33.79,"floor_branch":26.5,"branch_gap":7.29},{"strike":270,"main_branch":38.79,"floor_branch":27,"branch_gap":11.79},{"strike":275,"main_branch":43.79,"floor_branch":27.5,"branch_gap":16.29},{"strike":280,"main_branch":48.79,"floor_branch":28,"branch_gap":20.79},{"strike":285,"main_branch":53.79,"floor_branch":28.5,"branch_gap":25.29},{"strike":290,"main_branch":57.8,"floor_branch":29,"branch_gap":28.8}],"shape":"ranking","sql":"SELECT\n    round(toFloat64(strike_price), 2)                                          AS strike,\n    round(0.20 * max(toFloat64(underlying_close))\n          - greatest(max(toFloat64(underlying_close)) - toFloat64(strike_price), 0.0), 2) AS main_branch,\n    round(0.10 * toFloat64(strike_price), 2)                                   AS floor_branch,\n    round(0.20 * max(toFloat64(underlying_close))\n          - greatest(max(toFloat64(underlying_close)) - toFloat64(strike_price), 0.0)\n          - 0.10 * toFloat64(strike_price), 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 0.82 * toFloat64(underlying_close)\n                                  AND 1.02 * toFloat64(underlying_close)\nGROUP BY strike_price\nORDER BY strike","computed_at":"2026-08-22T04:16:15.270691+00:00","elapsed":0.060910562}