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Combination Type
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Margin Accounts
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Cash Accounts
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Reg T Margin - IRA
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PT initial/Reg T End of Day
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PT Maintenance
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Long Call or Put
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None
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Same as Initial
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Same as Initial
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Same as Margin Account
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Short Naked Call
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Stock Options[1]
Call Price + Maximum((20%[2] * Underlying Price - Out of the Money Amount), (10% * Underlying Price))
Index Options[1]
Call Price + Maximum((15%[3] * Underlying Price - Out of the Money Amount), (10% * Underlying Price))
World Currency Options<sup>[1]
Call Price + Maximum((4%[2] * Underlying Price - Out of the Money Amount), (0.75% * Underlying Price))
Cash Basket Option[1]
In the Money Amount
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Same as Initial
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N/A
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Same as Cash Account
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Short Naked Put
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Stock Options[1]
Put Price + Maximum((20%[2] * Underlying Price - Out of the Money Amount), (10% * Strike Price))
Index Options[1]
Put Price + Maximum((15%[3] * Underlying Price - Out of the Money Amount), (10% * Strike Price))
World Currency Options[1]
Put Price + Maximum((4%[2] * Underlying Price - Out of the Money Amount), (0.75% * Underlying Price))
Cash Basket Option[1]
In the Money Amount
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Same as Initial
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Put Strike Price
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Same as Cash Account
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Covered Calls and Puts
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Short an option with an equity position held to cover full exercise upon assignment of the option contract.
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Initial Stock Margin Requirement + In the Money Amount[4]
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Initial Stock Margin Requirement + In the Money Amount[4]
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Covered Calls
Stock paid in full
Covered Puts
N/A
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Covered Calls
None
Covered Puts
N/A
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Call Spread
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A long and short position of equal number of calls on the same underlying (and same multiplier) if the long position expires on or after the short position.
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(Maximum ((Strike Long Call - Strike Short Call), 0)
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Same as Initial
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Same as Initial if both options are European-style cash-settled
Otherwise, N/A.
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Same as Margin Account
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Put Spread
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A long and short position of equal number of puts on the same underlying (and same multiplier) if the long position expires on or after the short position.
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(Maximum (Short Put Strike - Long Put Strike, 0))
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Same as Initial
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Same as Margin Account
Both options must be European style cash settled.
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Same as Margin Account
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Collar
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Long put and long underlying with short call. Put and call must have same expiration date, same underlying (and same multiplier), and put exercise price must be lower than call exercise price.
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Initial Stock Margin Requirement + In the Money Call Amount
Equity with Loan Value of Long Stock
Minimum (Current Market Value, Call Aggregate Exercise Price)
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Minimum (((10% * Put Exercise Price) + Out of the-Money Put Amount), (25% * Call Exercise Price))
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N/A
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N/A
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Long Call and Put
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Buy a call and a put.
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Margined as two long options.
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Same as Initial
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Same as Margin Account
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Same as Margin Account
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Short Call and Put
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Sell a call and a put
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If Initial Margin Short Put > Initial Short Call,
then Initial Margin Short Put + Price Short Call
else
If Initial Margin Short Call >= Initial Short Put,
then Initial Margin Short Call + Price Short Put
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Same as Initial
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N/A
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N/A
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Long Butterfly
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Two short options of the same series (class, multiplier, strike price, expiration) offset by one long option of the same type (put or call) with a higher strike price and one long option of the same type with a lower strike price. All component options must have the same expiration, same underlying, and intervals between exercise prices must be equal.
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None
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Same as Initial
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None
Both options must be European-style cash-settled.
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Same as Margin Account
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Short Butterfly Put
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Two long put options of the same series offset by one short put option with a higher strike price and one short put option with a lower strike price. All component options must have the same expiration, same underlying, and intervals between exercise prices must be equal.
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((Highest Put Options Strike - Middle Put Options Strike) + (Middle Put Options Strike = Lowest Put Option Strike))
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Same as Initial
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N/A
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N/A
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Short Butterfly Call
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Two long call options of the same series offset by one short call option with a higher strike price and one short call option with a lower strike price. All component options must have the same expiration, same underlying, and intervals between exercise prices must be equal.
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((Highest Call Options Strike - Middle Call Options Strike) + (Middle Call Options Strike = Lowest Call Option Strike))
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Must maintain initial margin.
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N/A
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N/A
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Long Box Spread
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Long call and short put with the same exercise price (“buy side”) coupled with a long put and short call with the same exercise price (“sell side”). Buy side exercise price is lower than the sell side exercise price. All component options must have the same expiration, and underlying (multiplier).
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None
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Same as Initial
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N/A
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Same as Margin Account
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Short Box Spread
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Long call and short put with the same exercise price ("buy side") coupled with a long put and short call with the same exercise price (“sell side”). Buy side exercise price is higher than the sell side exercise price. All component options must have the same expiration, and underlying (multiplier).
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American Style
Maximum (((Long Call Price + Long Put Price - Short Call Price - Short Put Price) * -102%), (Long Call Strike - Short Call Strike))
European Style
Long Call Strike - Short Call Strike
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Same as Initial
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N/A
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Same as Margin Account
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Conversion
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Long put and long underlying with short call. Put and call must have the same expiration date, underlying (multiplier), and exercise price.
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Initial Stock Margin Requirement
Equity with Loan Value of Long Stock
Minimum (Current Market Value, Call Aggregate Exercise Price)
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10% * Strike Price
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N/A
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N/A
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Reverse Conversion
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Long call and short underlying with short put. Put and call must have same expiration date, underlying (multiplier), and exercise price.
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In the Money Put Amount + Initial Stock Margin Requirement
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In the Money Put Amount + (10% * Strike Price)
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N/A
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N/A
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Protective Put
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Long Put and Long Underlying.
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Initial Stock Margin Requirement
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Minimum (((10% * Put Strike Price) + Put Out of the Money Amount), Long Stock Maintenance Requirement
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N/A
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N/A
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Protective Call
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Long Call and Short Underlying.
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Initial Standard Stock Margin Requirement
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Minimum (((10% * Call Strike Price) + Call Out of the Money Amount), Short Stock Maintenance Requirement
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N/A
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N/A
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Iron Condor
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Sell a put, buy put, sell a call, buy a call.
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Short Put Strike - Long Put Strike
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Same as Initial
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If all options are European and cash-settled, same as margin account.
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Same as Margin Account
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Sell a put, buy put, sell a call, buy a call.
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Short Put Strike - Long Put Strike
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Same as Initial
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If all options are European and cash-settled, same as margin account.
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Same as Margin Account
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