{"slug":"margin-for-selling-naked-options","qid":"trace","label":"One fixed short AAPL call strike: requirement as a percent of the share price, April to June 2026","post_title":"Margin for Selling Naked Options: Reg T Math","post_url":"/blog/margin-for-selling-naked-options#q-trace","columns":["session_date","underlying_close","cushion_pct","requirement_pct"],"rows":[{"session_date":"2026-04-01","underlying_close":254.98,"cushion_pct":9.81,"requirement_pct":10.19},{"session_date":"2026-04-02","underlying_close":255.45,"cushion_pct":9.61,"requirement_pct":10.39},{"session_date":"2026-04-06","underlying_close":257.9,"cushion_pct":8.57,"requirement_pct":11.43},{"session_date":"2026-04-07","underlying_close":259.12,"cushion_pct":8.06,"requirement_pct":11.94},{"session_date":"2026-04-08","underlying_close":258.66,"cushion_pct":8.25,"requirement_pct":11.75},{"session_date":"2026-04-09","underlying_close":259.98,"cushion_pct":7.7,"requirement_pct":12.3},{"session_date":"2026-04-10","underlying_close":261,"cushion_pct":7.28,"requirement_pct":12.72},{"session_date":"2026-04-13","underlying_close":259.27,"cushion_pct":8,"requirement_pct":12},{"session_date":"2026-04-14","underlying_close":258.6,"cushion_pct":8.28,"requirement_pct":11.72},{"session_date":"2026-04-15","underlying_close":266.9,"cushion_pct":4.91,"requirement_pct":15.09},{"session_date":"2026-04-16","underlying_close":264.07,"cushion_pct":6.03,"requirement_pct":13.97},{"session_date":"2026-04-17","underlying_close":270.75,"cushion_pct":3.42,"requirement_pct":16.58},{"session_date":"2026-04-20","underlying_close":271.55,"cushion_pct":3.11,"requirement_pct":16.89},{"session_date":"2026-04-21","underlying_close":267.65,"cushion_pct":4.61,"requirement_pct":15.39},{"session_date":"2026-04-22","underlying_close":272.86,"cushion_pct":2.62,"requirement_pct":17.38},{"session_date":"2026-04-23","underlying_close":272.6,"cushion_pct":2.71,"requirement_pct":17.29},{"session_date":"2026-04-24","underlying_close":270.9,"cushion_pct":3.36,"requirement_pct":16.64},{"session_date":"2026-04-27","underlying_close":267.87,"cushion_pct":4.53,"requirement_pct":15.47},{"session_date":"2026-04-28","underlying_close":269.5,"cushion_pct":3.9,"requirement_pct":16.1},{"session_date":"2026-04-29","underlying_close":270.95,"cushion_pct":3.34,"requirement_pct":16.66},{"session_date":"2026-04-30","underlying_close":276.4,"cushion_pct":1.3,"requirement_pct":18.7},{"session_date":"2026-05-01","underlying_close":280.07,"cushion_pct":-0.02,"requirement_pct":20},{"session_date":"2026-05-04","underlying_close":276.45,"cushion_pct":1.28,"requirement_pct":18.72},{"session_date":"2026-05-05","underlying_close":282.4,"cushion_pct":-0.85,"requirement_pct":20},{"session_date":"2026-05-06","underlying_close":287.49,"cushion_pct":-2.61,"requirement_pct":20},{"session_date":"2026-05-07","underlying_close":287.98,"cushion_pct":-2.77,"requirement_pct":20},{"session_date":"2026-05-08","underlying_close":293.86,"cushion_pct":-4.72,"requirement_pct":20},{"session_date":"2026-05-11","underlying_close":292.5,"cushion_pct":-4.27,"requirement_pct":20},{"session_date":"2026-05-12","underlying_close":294.49,"cushion_pct":-4.92,"requirement_pct":20},{"session_date":"2026-05-13","underlying_close":298.4,"cushion_pct":-6.17,"requirement_pct":20},{"session_date":"2026-05-14","underlying_close":297.91,"cushion_pct":-6.01,"requirement_pct":20},{"session_date":"2026-05-15","underlying_close":299.85,"cushion_pct":-6.62,"requirement_pct":20},{"session_date":"2026-05-18","underlying_close":297.44,"cushion_pct":-5.86,"requirement_pct":20},{"session_date":"2026-05-19","underlying_close":298.97,"cushion_pct":-6.34,"requirement_pct":20},{"session_date":"2026-05-20","underlying_close":301.2,"cushion_pct":-7.04,"requirement_pct":20},{"session_date":"2026-05-21","underlying_close":306,"cushion_pct":-8.5,"requirement_pct":20},{"session_date":"2026-05-22","underlying_close":308.41,"cushion_pct":-9.21,"requirement_pct":20},{"session_date":"2026-05-26","underlying_close":308.7,"cushion_pct":-9.3,"requirement_pct":20},{"session_date":"2026-05-27","underlying_close":310.36,"cushion_pct":-9.78,"requirement_pct":20},{"session_date":"2026-05-28","underlying_close":312.05,"cushion_pct":-10.27,"requirement_pct":20},{"session_date":"2026-05-29","underlying_close":311.35,"cushion_pct":-10.07,"requirement_pct":20},{"session_date":"2026-06-01","underlying_close":305.25,"cushion_pct":-8.27,"requirement_pct":20},{"session_date":"2026-06-02","underlying_close":315.01,"cushion_pct":-11.11,"requirement_pct":20},{"session_date":"2026-06-03","underlying_close":313.95,"cushion_pct":-10.81,"requirement_pct":20},{"session_date":"2026-06-04","underlying_close":310.5,"cushion_pct":-9.82,"requirement_pct":20},{"session_date":"2026-06-05","underlying_close":307.78,"cushion_pct":-9.03,"requirement_pct":20},{"session_date":"2026-06-08","underlying_close":300.67,"cushion_pct":-6.88,"requirement_pct":20},{"session_date":"2026-06-09","underlying_close":291.11,"cushion_pct":-3.82,"requirement_pct":20},{"session_date":"2026-06-10","underlying_close":290.89,"cushion_pct":-3.74,"requirement_pct":20},{"session_date":"2026-06-11","underlying_close":295.84,"cushion_pct":-5.35,"requirement_pct":20},{"session_date":"2026-06-12","underlying_close":291.52,"cushion_pct":-3.95,"requirement_pct":20},{"session_date":"2026-06-15","underlying_close":296.3,"cushion_pct":-5.5,"requirement_pct":20},{"session_date":"2026-06-16","underlying_close":298.9,"cushion_pct":-6.32,"requirement_pct":20},{"session_date":"2026-06-17","underlying_close":297.1,"cushion_pct":-5.76,"requirement_pct":20},{"session_date":"2026-06-18","underlying_close":297.23,"cushion_pct":-5.8,"requirement_pct":20},{"session_date":"2026-06-22","underlying_close":295.64,"cushion_pct":-5.29,"requirement_pct":20},{"session_date":"2026-06-23","underlying_close":294.7,"cushion_pct":-4.99,"requirement_pct":20},{"session_date":"2026-06-24","underlying_close":290.81,"cushion_pct":-3.72,"requirement_pct":20},{"session_date":"2026-06-25","underlying_close":276.25,"cushion_pct":1.36,"requirement_pct":18.64},{"session_date":"2026-06-26","underlying_close":282.5,"cushion_pct":-0.89,"requirement_pct":20},{"session_date":"2026-06-29","underlying_close":281.27,"cushion_pct":-0.45,"requirement_pct":20},{"session_date":"2026-06-30","underlying_close":289.01,"cushion_pct":-3.12,"requirement_pct":20}],"shape":"series","sql":"SELECT\n    toString(d.dt)                                               AS session_date,\n    round(d.px, 2)                                               AS underlying_close,\n    round(100 * (s.short_strike - d.px) / d.px, 2)               AS cushion_pct,\n    round(100 * greatest(0.20 * d.px - greatest(s.short_strike - d.px, 0.0),\n                         0.10 * d.px) / d.px, 2)                 AS requirement_pct\nFROM\n(\n    SELECT\n        date                             AS dt,\n        max(toFloat64(underlying_close)) AS px\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'AAPL'\n      AND date BETWEEN '2026-04-01' AND '2026-06-30'\n    GROUP BY date\n) AS d\nCROSS JOIN\n(\n    SELECT round(1.10 * argMin(toFloat64(underlying_close), date), 0) AS short_strike\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'AAPL'\n      AND date BETWEEN '2026-04-01' AND '2026-06-30'\n) AS s\nORDER BY d.dt","computed_at":"2026-08-22T04:16:15.662545+00:00","elapsed":0.098212003}