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Estimate the SPAN and exposure margin for any option strategy, including hedged positions, before you place the trade.
| Action | Type | Strike | Lots | Qty |
|---|
| Leg | Premium | SPAN margin | Exposure margin | Total margin |
|---|
When you sell (write) an option, you need to block margin because your loss can be large. The margin is the SPAN margin, which covers the worst likely one-day loss of the position under the exchange's risk scenarios, plus the exposure margin, which is an extra buffer. When you only buy options, the most you pay is the premium, so no SPAN margin is blocked.
A hedged position such as an iron condor, an iron butterfly or a credit spread has a capped loss. Because the long options offset the risk of the short options, the SPAN margin is much lower than for naked short options. You can compare the margin of a short strangle and an iron condor with this calculator to see the difference.
Choose the index and expiry, pick a ready-made strategy or add your own legs, set the lots and strikes and click Calculate margin. The calculator sends your legs to the margin engine and shows the total margin, the SPAN and exposure split, the premium received or paid and the margin for each leg.
The margin for selling options is the SPAN margin plus the exposure margin. SPAN is based on the exchange's risk scenarios for the position, and the exposure margin is an additional percentage-based buffer. Hedged positions get a margin benefit because the long legs reduce the risk.
It depends on the strikes, expiry, lot size and the current market, so there is no fixed number. Enter the legs in the calculator to see the margin for your exact position. A strangle usually needs a little less margin than a straddle with the same expiry because its strikes are further from the market.
No SPAN margin is needed to buy options. You only pay the premium of the option, which is the maximum amount you can lose on that position.
Add a hedge by buying further out-of-the-money options, for example by turning a short strangle into an iron condor or a short option into a credit spread. This caps the loss and lowers the SPAN margin.
Margins change with market prices and volatility during the day, and brokers may add their own buffers or apply different rules, so small differences are normal. Use this calculator as a planning estimate and check the final margin on your broker's platform before you trade.
The lot size is pre-filled for each index and you can edit it. NSE and BSE revise lot sizes from time to time, so please confirm the current lot size for the contract you plan to trade.
These tools are for educational and informational purposes only. Results are estimates based on the inputs and data shown, and OPIFY does not provide trading tips or investment advice.
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| Order Id | Plan Name | Purchased Datetime | Validity | Expiry | Amount (Rs) | Invoice |
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