# Options margin requirements

**Margin requirements** (applies to stock & index options)

Position | Margin accounts | Cash accounts | ||
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Initial1 |
Maintenance2 |
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Long call | Buy call | 100% cost of the option | N/A | 100% cost of the option |

Long put / protective put |
Buy put/buy put and buy underlying | 100% cost of the option | N/A | 100% cost of the option |

Covered OTM3call |
Buy stock trading at P* and sell call with strike price > P | Requirement long stock (marked to market) | Requirement long stock (marked to market) | Requirement long stock (marked to market) |

Covered ITM4call |
Buy stock trading at P and sell call with strike price < P | Requirement long stock (marked to market) | Requirement long stock (marked to market) | Requirement long stock (marked to market) |

Covered OTM3put |
Short stock trading at P and sell put with strike price < P | Requirement short stock (marked to market) | Requirement short stock (marked to market) | N/A |

Covered ITM4put |
Short stock trading at P and sell put with strike price > P | Requirement short stock (marked to market) +100% put ITM value | Requirement short stock (marked to market) +100% put ITM value | N/A |

Cash-covered put |
Short put with enough cash to cover exercise | N/A | N/A | (Strike price x multiplier x contracts) — premium proceeds |

Naked call | Short call |
Greater of these 3 values:
|
Greater of these 3 values:
|
N/A |

Naked put | Short put |
Greater of these 3 values:
|
Greater of these 3 values:
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N/A |

Bear (credit) call spread |
Buy call and short call (strike price long call > strike price short call) | Net premium + (strike price long call – strike price short call) x contracts x multiplier | (strike price long call – strike price short call) x contracts x multiplier | Net premium + (strike price long call – strike price short call) x contracts x multiplier |

Bull (credit) put spread |
Buy put and short put (strike price long put < strike price short put) | Net premium + (strike price short put – strike price long put) x contracts x multiplier | (strike price short put – strike price long put) x contracts x multiplier | Net premium + (strike price short put – strike price long put) x contracts x multiplier |

Bull (debit) call spread |
Buy call and short call (strike price long call < strike price short call) | Net premium | N/A | Net premium |

Bear (debit) put spread |
Buy put and short put (strike price long put > strike price short put) | Net premium | N/A | Net premium |

Long straddle | Buy call and buy put with the same strike price | 100% cost of the options | N/A | 100% cost of the options |

Short straddle | Short call and short put with the same strike price |
Premium of other options + greater of these two values:
|
Market value of other options + greater of these two values:
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N/A |

Long strangle | Buy call and buy put with different strike prices | 100% cost of the options | N/A | 100% cost of the options |

Short strangle | Short call and short put with different strike price |
Premium of other options + greater of these two values:
|
Market value of other options + greater of these two values:
|
N/A |

Long (debit) butterfly call spread |
Bear (credit) call spread & bull (debit) call spread Short calls with the same strike price. Intervals between strike prices equal. All legs with the same expiration date. |
Net premium | N/A | Net premium |

Short (credit) butterfly call spread |
Bull (debit) call spread & bear (credit) call spread Long calls with the same strike price. Intervals between strike prices equal. All legs with the same expiration date. |
Requirement bear (credit) call spread | Requirement bear (credit) call spread | Requirement bear (credit) call spread |

Long (debit) butterfly put spread |
Bear (debit) put spread & bull (credit) put spread Short puts with the same strike price. Intervals between strike prices equal. All legs with the same expiration date. |
Net premium | N/A | Net premium |

Short (credit) butterfly put spread |
Bull (credit) put spread & bear (debit) put spread Long puts with the same strike price. Intervals between strike prices equal. All legs with the same expiration date. |
Requirement bull (credit) put spread | Requirement bull (credit) put spread | Requirement bull (credit) put spread |

Long (debit) condor call spread |
Bear (credit) call spread & bull (debit) call spread Intervals between spread strike prices equal. All legs with the same expiration date. |
Net premium | N/A | Net premium |

Short (credit) condor call spread |
Bull (debit) call spread & bear (credit) call spread Intervals between spread strike prices equal. All legs with the same expiration date. |
Requirement bear (credit) call spread | Requirement bear (credit) call spread | Requirement bear (credit) call spread |

Long (debit) condor put spread |
Bear (debit) put spread & bull (credit) put spread Intervals between spread strike prices equal. All legs with the same expiration date. |
Net premium | N/A | Net premium |

Short (credit) condor put spread |
Bull (credit) put spread & bear (debit) put spread
Intervals between strike prices equal. All legs with the same expiration date. |
Requirement bull (credit) put spread | Requirement bull (credit) put spread | Requirement bull (credit) put spread |

Long (debit) iron butterfly | Bull (debit) call spread & bear (debit) put spread. Long call and long put legs with the same strike price. | Net premium | N/A | Net premium |

Short (credit) iron butterfly | Bear (credit) call spread & bull (credit) put spread. short call and short put legs with the same strike price. |
Greater of these two values:
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Greater of these two values:
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Greater of these two values:
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Long (debit) iron condor | Bull (debit) call spread & bear (debit) put spread | Net premium | N/A | Net premium |

Short (credit) iron condor | Bear (credit) call spread & bull (credit) put spread |
Greater of these two values:
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Greater of these two values:
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Greater of these two values:
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* P = Current market price.
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