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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: Herm who wrote (6241)	12/29/1997 5:32:00 PM
From: VincentTH	Read Replies (2) of 14162

Herm, My first post, so bear with me. I would like to find out what are the Margin requirements for Naked Puts and Bull Spreads at various Discount Broker houses? I have an account with Waterhouse but my calculations using the Federal formulaes for Naked Puts are way off. What I am trying to do is to do repair for a battered stock trying to buy 4 Jan25 calls @ 2 and short 8 Jan27.5 calls @ 1 1/16. I owned 400 shares of the stock of course (SMOD) with a NUT of 29.40 and some. Waterhouse would not let me do it, saying I don't have any buying power left, but I do have $1000 unused cash. I believe the Naked Puts have maxed out my margin (according to Waterhouse), but my calculations have some $5000 margin left (Max(20% stock +..., .10 stocks + premium etc...)

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