Short Broken Iron Condor

The greater short (credit) spread margin requirement of either side.

(Premium received from the sale of short put(s) or call(s) may be applied to meet the initial margin requirement)


Buy to open 7 contracts Apr 52 Call at .80

Sell to open 7 contracts Apr 47 Call @ 2.50

Sell to open 7 contracts Apr 43 Put at 1.25

Buy to open 7 contracts Apr 35 Put at .20

8 x 7 x 100 =$5,600

$5,600 margin requirement applies because greater margin requirement is on the Put side

Note: A call spread with an in the money short leg and the underlying stock is ex dividend the next business day has the dividend included in the margin requirement.

Note: One of the long legs’ expiration date can be farther out than the expiration date of the other legs.



The market values and margin rates used to compute the initial and maintenance margin scenarios utilize OptionsHouse house standards. Higher margin rates may be utilized when calculating these scenarios.

The amount of money you can borrow on margin toward the purchase of securities is typically limited to 50 percent of the value of marginable securities in your account. However, it is prudent to borrow less to minimize risk.

Once you borrow on margin, you are required to maintain a certain amount of equity in your account, depending on the securities you hold. Typically, the equity maintenance requirement is at least 30% of the total account value, but it can be higher for certain securities or accounts.

Margin loans may be established by our clearing firm, Apex Clearing Corporation (“Apex”), in its sole discretion regardless of the amount of collateral delivered to Apex, and Apex may change such minimum and maximum amounts from time to time without notice to our customers.

In the interest of ensuring the continued safety of our clients, Apex may, without notice, modify certain margin policies to adjust for volatility in financial markets. The changes will promote reduction of leverage in client portfolios and help ensure that clients’ accounts are appropriately capitalized.