TradeStation

TradeStation Securities, Inc.

Margin Requirements (Applies to Stock & Index Options)

Position Margin Accounts Cash Accounts
Initial1 Maintenance2
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 OTM3
Call		 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 ITM4
Call		 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 ITM4
Put		 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:

  1. 100% of the option proceeds + (20% of the Underlying Market Value) – (OTM Value)
  2. 100% of the option proceeds + (10% of the Underlying Market Value)
  3. 100% of the option proceeds + ($100/contract)

Greater of these 3 values:

  1. Market value of the option + (20% of the Underlying Market Value) – (OTM Value)
  2. Market value of the option + (10% of the Underlying Market Value)
  3. Market value of the option + ($100/contract)
 N/A
Naked Put Short Put

Greater of these 3 values:

  1. 100% of the option proceeds + (20% of the Underlying Market Value) – (OTM Value)
  2. 100% of the option proceeds + (10% of the Strike Price x Multiplier x Contracts)
  3. 100% of the option proceeds + ($100/contract)

Greater of these 3 values:

  1. Market value of the option + (20% of the Underlying Market Value) – (OTM Value)
  2. Market value of the option + (10% of the Strike Price x Multiplier x Contracts))
  3. Market value of the option + ($100/contract)
 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

Greater of these 2 values:

  1. Requirement Naked Calls
  2. Requirement Naked Puts

+ Premium Other Options

Greater of these 2 values:

  1. Requirement Naked Calls
  2. Requirement Naked Puts

+ Market Value Other Options

 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

Greater of these 2 values:

  1. Requirement Naked Calls
  2. Requirement Naked Puts

+ Premium Other Options

Greater of these 2 values:

  1. Requirement Naked Calls
  2. Requirement Naked Puts

+ Market Value Other Options

 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 2 values:

  1. Requirement Bear (Credit) Call Spread
  2. Requirement Bull (Credit) Put Spread
 Greater of these 2 values:

  1. Requirement Bear (Credit) Call Spread
  2. Requirement Bull (Credit) Put Spread
 Greater of these 2 values:

  1. Bear (Credit) Call Spread
  2. Bull (Credit) Put Spread
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 2 values:

  1. Bear (Credit) Call Spread
  2. Bull (Credit) Put Spread
 Greater of these 2 values:

  1. Bear (Credit) Call Spread
  2. Bull (Credit) Put Spread
 Greater of these 2 values:

  1. Bear (Credit) Call Spread
  2. Bull (Credit) Put Spread
  1. Requirement to place the trade.
  2. Requirement to maintain the position overnight.
  3. OTM = Out-of-the-money.
  4. ITM = In-the-money. ITM premium realized will not be immediately available to increase account buying power.

 

Important Notes

  • A minimum available equity of $2,000 is required for option strategies (e.g., spreads) and $5,000 for uncovered options (e.g., naked). The liquidation value of options is not included when calculating equity.
  • When purchasing options, the TradeStation platform looks at the inside National Best Bid and Offer (“NBBO”) when determining the estimated cost of the option purchase and does not account for any changes in the NBBO. When placing a market order to purchase on an option, it is possible to spend more than the available cash in your account. Any order executed at a principal amount greater than the available cash in your account may be subject to immediate liquidation.
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