One fixed short AAPL call strike: requirement as a percent of the share price, April to June 2026
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.
| session_date | underlying_close | cushion_pct | requirement_pct |
|---|---|---|---|
| 2026-04-01 | 254.98 | 9.81 | 10.19 |
| 2026-04-02 | 255.45 | 9.61 | 10.39 |
| 2026-04-06 | 257.9 | 8.57 | 11.43 |
| 2026-04-07 | 259.12 | 8.06 | 11.94 |
| 2026-04-08 | 258.66 | 8.25 | 11.75 |
| 2026-04-09 | 259.98 | 7.7 | 12.3 |
| 2026-04-10 | 261 | 7.28 | 12.72 |
| 2026-04-13 | 259.27 | 8 | 12 |
| 2026-04-14 | 258.6 | 8.28 | 11.72 |
| 2026-04-15 | 266.9 | 4.91 | 15.09 |
| 2026-04-16 | 264.07 | 6.03 | 13.97 |
| 2026-04-17 | 270.75 | 3.42 | 16.58 |
| 2026-04-20 | 271.55 | 3.11 | 16.89 |
| 2026-04-21 | 267.65 | 4.61 | 15.39 |
| 2026-04-22 | 272.86 | 2.62 | 17.38 |
| 2026-04-23 | 272.6 | 2.71 | 17.29 |
| 2026-04-24 | 270.9 | 3.36 | 16.64 |
| 2026-04-27 | 267.87 | 4.53 | 15.47 |
| 2026-04-28 | 269.5 | 3.9 | 16.1 |
| 2026-04-29 | 270.95 | 3.34 | 16.66 |
| 2026-04-30 | 276.4 | 1.3 | 18.7 |
| 2026-05-01 | 280.07 | -0.02 | 20 |
| 2026-05-04 | 276.45 | 1.28 | 18.72 |
| 2026-05-05 | 282.4 | -0.85 | 20 |
| 2026-05-06 | 287.49 | -2.61 | 20 |
| 2026-05-07 | 287.98 | -2.77 | 20 |
| 2026-05-08 | 293.86 | -4.72 | 20 |
| 2026-05-11 | 292.5 | -4.27 | 20 |
| 2026-05-12 | 294.49 | -4.92 | 20 |
| 2026-05-13 | 298.4 | -6.17 | 20 |
| 2026-05-14 | 297.91 | -6.01 | 20 |
| 2026-05-15 | 299.85 | -6.62 | 20 |
| 2026-05-18 | 297.44 | -5.86 | 20 |
| 2026-05-19 | 298.97 | -6.34 | 20 |
| 2026-05-20 | 301.2 | -7.04 | 20 |
| 2026-05-21 | 306 | -8.5 | 20 |
| 2026-05-22 | 308.41 | -9.21 | 20 |
| 2026-05-26 | 308.7 | -9.3 | 20 |
| 2026-05-27 | 310.36 | -9.78 | 20 |
| 2026-05-28 | 312.05 | -10.27 | 20 |
| 2026-05-29 | 311.35 | -10.07 | 20 |
| 2026-06-01 | 305.25 | -8.27 | 20 |
| 2026-06-02 | 315.01 | -11.11 | 20 |
| 2026-06-03 | 313.95 | -10.81 | 20 |
| 2026-06-04 | 310.5 | -9.82 | 20 |
| 2026-06-05 | 307.78 | -9.03 | 20 |
| 2026-06-08 | 300.67 | -6.88 | 20 |
| 2026-06-09 | 291.11 | -3.82 | 20 |
| 2026-06-10 | 290.89 | -3.74 | 20 |
| 2026-06-11 | 295.84 | -5.35 | 20 |
| 2026-06-12 | 291.52 | -3.95 | 20 |
| 2026-06-15 | 296.3 | -5.5 | 20 |
| 2026-06-16 | 298.9 | -6.32 | 20 |
| 2026-06-17 | 297.1 | -5.76 | 20 |
| 2026-06-18 | 297.23 | -5.8 | 20 |
| 2026-06-22 | 295.64 | -5.29 | 20 |
| 2026-06-23 | 294.7 | -4.99 | 20 |
| 2026-06-24 | 290.81 | -3.72 | 20 |
| 2026-06-25 | 276.25 | 1.36 | 18.64 |
| 2026-06-26 | 282.5 | -0.89 | 20 |
| 2026-06-29 | 281.27 | -0.45 | 20 |
| 2026-06-30 | 289.01 | -3.12 | 20 |
- Rows × columns
- 62 × 4
- Period covered
- to
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
session_date |
date | 2026-04-01 to 2026-06-30 | |
underlying_close |
number | 254.98 to 315.01 | US dollars |
cushion_pct |
number | -11.11 to 9.81 | percent |
requirement_pct |
number | 10.19 to 20 | percent |
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
toString(d.dt) AS session_date,
round(d.px, 2) AS underlying_close,
round(100 * (s.short_strike - d.px) / d.px, 2) AS cushion_pct,
round(100 * greatest(0.20 * d.px - greatest(s.short_strike - d.px, 0.0),
0.10 * d.px) / d.px, 2) AS requirement_pct
FROM
(
SELECT
date AS dt,
max(toFloat64(underlying_close)) AS px
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
AND date BETWEEN '2026-04-01' AND '2026-06-30'
GROUP BY date
) AS d
CROSS JOIN
(
SELECT round(1.10 * argMin(toFloat64(underlying_close), date), 0) AS short_strike
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
AND date BETWEEN '2026-04-01' AND '2026-06-30'
) AS s
ORDER BY d.dt
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