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Position-wise Margin
| Exchange | Contract | Product | Strike / Price | Qty | Action | SPAN | Exposure | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Add a position to calculate margin | |||||||||
* Margins from NSCCL SPAN file. Instruments, expiries, strikes and prices from NSE bhavcopy (UDiFF). Additional ELM includes SPAN intrRate surcharges and NSE MWPL Additional Exposure Margin (15%) on flagged symbols such as AUROPHARMA. Expiry-day ELM (2% on short index options) applies when position expiry matches SPAN PIT date. NFO calendar spread: exposure = 1/3 of far month. MCX calendar spread: full exposure on both legs + SPAN inter-month charge.
Margin Summary
Margin Calculator – SPAN, Exposure & Total Margin
Estimate NRML margin for F&O portfolios using live NSCCL SPAN data.
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Total NRML Margin = SPAN + Exposure − Spread Benefit.
What is a Margin Calculator?
A Margin Calculator estimates how much capital will be blocked for NRML (overnight) F&O positions using live exchange SPAN files and NSE bhavcopy data.
Long option buys typically require only premium payable. Short options and futures require SPAN plus exposure margin on contract notional value.
How can a Margin Calculator help you?
- Plan multi-leg F&O strategies with accurate NRML margin before placing orders.
- See spread benefit when hedging (e.g. bear call spread: short 24000 CE + long 25000 CE).
- Compare per-leg table margin vs. portfolio margin after offsets.
- Avoid insufficient-fund rejections by knowing total blocked margin upfront.
Understanding Margin Components (NRML)
SPAN & Exposure
- • SPAN: Scenario-based risk margin at portfolio level
- • Exposure: ~2–5% buffer on notional for index derivatives
- • Total NRML = SPAN + Exposure − Spread Benefit
- • Updated daily by the exchange based on volatility
Spreads & Premium
- • Margin Benefit: Gross leg margin minus portfolio margin
- • Bear Call Spread: Short lower CE + Long higher CE
- • Long options: Premium payable (SPAN/Exposure = 0 in table)
- • Short options: SPAN + Exposure; premium receivable shown separately
Frequently Asked Questions
What is SPAN margin?
SPAN (Standard Portfolio Analysis of Risk) margin is calculated by the exchange using scenario-based risk models. It is the primary component of NRML margin for F&O positions and reflects potential portfolio loss under various price and volatility moves.
How is total NRML margin calculated?
Following Zerodha's SPAN methodology: Total NRML Margin = SPAN Margin + Exposure Margin − Spread Benefit. Long option buys typically block only premium payable; short options require SPAN and exposure on notional value.
How does spread benefit work?
When you hold offsetting positions (such as a bear call spread — short lower strike CE and long higher strike CE), the exchange treats the portfolio as lower risk. Gross leg SPAN is reduced to portfolio SPAN, and the difference is shown as spread benefit.
Why is margin required before placing a trade?
Margin ensures sufficient funds to cover potential losses. Brokers block this amount until the position is closed or requirements change. Premium receivable on short options is informational and does not reduce NRML margin blocked.