Margin for Selling Naked Options: Reg T Math
One fixed short AAPL call strike: requirement as a percent of the share price, April to June 2026series ·
2026-08-22 · 62×4
Reg T minimum branches for one uncovered AAPL put, by strike (dollars per share)ranking ·
2026-08-22 · 11×4
Uncovered call minimum per contract, strike about 5% out of the moneyranking ·
2026-08-22 · 5×3
Reg T minimum branches for one uncovered AAPL call, by strike (dollars per share)ranking ·
2026-08-22 · 12×4
One fixed short AAPL call strike: requirement as a percent of the share price, April to June 2026
One fixed short AAPL call strike: requirement as a percent of the share price, April to June 2026
| 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 |
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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