top of page
Slovník pojmů a strategií
pro obchodování opcí
Kompletní slovník opcí: strategie, pojmy, řecká písmena a postupy pro výpis opcí. Přehledně, srozumitelně, pro začátečníky i pokročilé. Naučte se obchodovat opce efektivně.
Basic concepts
Beginner
Margin
Capital that the broker blocks as collateral for opening or holding a position.
Detail
Margin is the collateral (blocking of capital) that a broker requires to open or maintain a position. In options, margin applies primarily to selling options (call, put), because a written option implies unlimited or large risk that the broker wants to cover. Margin may also be required for combined strategies (spreads, iron condors), where it protects the broker against losses. The amount of margin depends on the type of option, underlying, strike distance, DTE, IV and other factors. Margin is not required for buying options, where the maximum loss is limited to the premium paid. However, some brokers may block a certain amount of cash as a reserve for exercise/assignment.
Margin is a broker's tool to protect against client losses. When writing a call option without coverage (naked call), the loss can be unlimited, and therefore the broker requires margin. For a cash secured put, the margin is the amount needed to potentially buy the shares (strike x 100 - premium received). For a naked put on a margin account, the margin is usually 4-22% of the contract value, depending on the risk. For option spreads, the margin is limited by the strike difference. Margin is also required for shorting stocks, futures, and some combinations of options. If the account falls below the requirement, the broker can trigger a Margin Call.
Optimal conditions
When listing options (call, put), for spreads (like iron condor), for naked options. Margin depends on the broker and account type (margin account vs. cash account). Margin accounts allow leverage, but increase risk. Required for matching a listing with another option (spreads), for covered listings (e.g. covered call).
Max profit
For options listing: the maximum profit is the premium received, which is covered by margin. Margin does not increase the potential profit in any way.
Max loss
For a naked call option: unlimited loss. For a put option: strike - premium x 100. Margin protects the broker against these losses.
Risks
Margin Call if the market goes against the position and the account does not have enough free cash. Risk of forced closure of positions. If poorly managed, margin can lead to rapid liquidation of the account. False sense of security because margin allows for larger positions than the real value of the account.
Greeks
Delta, Gamma, Vega, Theta affect margin indirectly (position risk, value changes). Increasing volatility (Vega) can increase margin requirements.
Variations
Initial margin (to open a position), Maintenance margin (to maintain a position). Margin varies for naked options, spreads, covered options. Margin according to Reg T, portfolio margin, futures margin.
Usage example
I write a put option on SPY with a strike of 400 and receive a premium of $5.00 (=$500 for 1 contract). The broker, depending on the calculation (IV, DTE, strike distance), may require a margin of, for example, $8,000 to $12,000 for one contract. If I wanted a Cash Secured Put in a cash account, the broker will block the entire amount for a possible purchase of shares, i.e. $40,000 (400 x 100) minus the received premium of $500. For Iron Condor with a strike difference of 5 points (e.g. call spread 405/410 and put spread 395/390), the margin is limited to the strike difference, i.e. $500 for 1 contract, regardless of the market size. Example for a naked call: I write a naked call option on TSLA with high volatility, strike 900. The broker may require margin of over $20,000 to $40,000, depending on the current TSLA price and volatility, as this is a position with unlimited risk.
DTE
Short-term options (7-30 days) have lower margin because there is less chance of strike. Long-term options (LEAPS) may have higher margin. Margin reacts to approaching expiration.
IV (implied volatility)
High IV = higher premium, but also higher margin due to higher volatility. Low IV = lower margin, lower premium.
Premium
Margin is collateral, premium is profit. Margin is not directly related to premium, but the more premium I accept, the more margin coverage I have.
Margin
Yes, margin is required for option statements. The amount of margin depends on the statement type, strike distance, IV and DTE. For naked options (call/put), the margin can be between 4% and 22% of the contract value. For cash secured puts, the broker requires an amount corresponding to the strike x 100 - the premium received (secured fully in cash). For spread strategies (Iron Condor, Vertical Spread), the margin is limited by the strike difference.
Poznámky
When listing options, it is important to consider that the broker may change the margin requirement at any time (e.g. if volatility increases). Do not enter into listing naked options without sufficient capital. Beware of automatic margin calls during sharp market movements. Margin allows leverage, but increases risk.
Tags
margin, capital requirement, collateral, option statement, naked option, margin call, capital blocking, broker, coverage
bottom of page