Margin Calculators

CBOE Margin Calculator for Strategy-based Margins

This online calculator contains a description of CBOE's strategy-based margin requirements for various positions in put options, call options, combination put-call positions and underlying positions offset by option positions. The equity and index option strategies available for selection in this calculator are among those most widely used by investors. Margin amounts computed by this calculator reflect exchange-minimum requirements of the Chicago Board Options Exchange. Margin amounts required by specific brokerage firms may be higher. Further, this calculator's computations reflect only the Exchange's initial margin requirements; ongoing maintenance margin requirements may be necessary, and are indicated where appropriate but not calculated.

The Options Clearing Corporation's Customer Portfolio Margin page has a link to an Online Position Editor.

This website is only a brief summary and should only serve as a supplement to careful review of relevant CBOE rules and federal securities laws dealing with margin requirements. The requirements explained here are based on publication date rules and regulations, and therefore, subject to change. This website should be used as a reference document and is not intended to be an all-encompassing restatement of Federal Reserve Board and Exchange margin rules. Brokerage firms may require customers to post higher margins than the minimum margins specified on this website. For more information on margin requirements for options, please contact CBOE's Department of Member Firm Regulation at (312) 786-7718. In addition please see the discussion of margins in the Characteristics and Risks of Standardized Options publication, Chapter 12 of the rules of the CBOE, and also the 41-page CBOE Margin Manual.

Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options (ODD). Copies of the ODD are available from your broker, by calling 1-888-OPTIONS, or from The Options Clearing Corporation, One North Wacker Drive, Suite 500, Chicago, Illinois 60606. The information on this website is provided solely for general education and information purposes and therefore should not be considered complete, precise, or current. Many of the matters discussed are subject to detailed rules, regulations, and statutory provisions which should be referred to for additional detail and are subject to changes that may not be reflected in the website information. No statement within the website should be construed as a recommendation to buy or sell a security or to provide investment advice. The inclusion of non-CBOE advertisements on the website should not be construed as an endorsement or an indication of the value of any product, service, or website. The Terms and Conditions govern use of this website and use of this website will be deemed acceptance of those Terms and Conditions.