Question #3 Using the option chains below, (3/10/2023) a. Calculate the margin requirement for the 3880 put (short put). b. Calculate the margin requirement for the 4190 call (short call). c. Using the delta, gamma, and theta, and assuming the SPX rises by 5, calculate new put and call. d. Calculate the prot, divide by the margin requirement (mr), divide by # of trade days, multiply by 250 (# trading days in 2023). e. What is the maximum gain and loss? S&P 500 ($SPX): Day open 3,998.02 Refresh Bid / Size Underlying Symbol Previous Close 3,981.35 see Chart $4,045.64 Ask / Size -- 1 - X Day Change +64.29 (1.61%) Day Range 3,995.17 / 4,048.29 Q SSPX Day Volume 52 Week Range 3,491.58 / 4,637.30 Symbol Lookup Puts Calls Showing 123 of 176 Strikes Build IV Bid / Ask Strike Bid L Ask IV Delta Gamma Theta Vega Delta Build Vega Theta Gamma -0.6672 0.3597 1.30 1.55 22.7962 -0.0307 0.0006 Select Select 1 0.3906 -1.2378 0.0006 0.9661 23.3610 206.60 223.90 3,835.00 -0.6988 0.3801 Select 201.80 219.00 3,840.00 1.40 1.65 22.6090 -0.0328 0.0006 Select 0.4166 -1.2839 0.0007 0.9633 23.2567 Select 198.60 216.30 3.845.00 1.55 .80 22.5266 0.0357 0.0007 0.7464 0.4077 0.0009 0.9370 26.6235 Select 0.6420 1.8875 0.4280 i Select 206.70 3,850.00 1 65 1 90 22.2973 -0.0379 0.0007 0.7753 Select 0.6503 -1.8773 0.0009 0.9359 26.0928 198.20 -0.0409 0.0008 0.8192 0.4553 Select 190.70 204.60 3.855.00 1.80 2.05 22. 1630 Select 0.6761 -1.9192 0.0010 0.9326 25.8607 -0.0439 0.0008 -0.8611 0.4823 Selec 1.4347 0.0008 0.9526 22.4903 182.30 199.60 3,860.00 1.95 2.20 22.0030 Select A 0.5129 -0.9088 0.5124 Select 177.50 194.80 3,865.0 2.10 2.40 21.8686 -0.0474 0.0009 Select A 0.5444 -1.4869 0.0009 0.9489 22.3675 0.9541 0.5423 Select 22 1298 172.70 189.90 3,870.00 2.30 2.55 21.7077 0.0509 0.0009 Select 0.5700 1.5223 0.0010 0.9458 -1.0044 0.5750 Select 0.0010 0.9414 22.0416 167.90 20 3,875.00 2.50 2.75 21.5663 -0.0548 0.0010 Select 0.6067 -1.5839 Select 180.40 3,880.00 2.70 3.00 21.4393 -0.0590 0.001 -1.0590 0.6102 Select A 0.6429 -1.6421 0.0011 0.9369 21.9213 163.20 Underlying Symbol S&P 500 ($SPX): Day open 3,998.02 Refresh Bid / Size Ask / Size --1- Previous Close 3,981.35 See Chart $4,045.64 Q SSPX X 3,995. 17 / 4,048.29 Day Change +64.29 (1.61%) Day Range Day Volume 52 Week Range 3,491.58 / 4,637.30 Symbol Lookup Puts Calls Showing 123 of 176 Strikes \\Ask IV Delta Gamma Theta Vega Build Theta Gamma Delta IV Bid / Ask Strike Bid Build Vega 106.60 121.0 0.0000 1.0000 0.0000 0.0000 0.0000 Select 1.50 4,160.00 Select 0.9465 1.3761 0.0021 0.1055 16.7549 1 20 0.9106 0.0019 -0.6465 0.8382 Select 1.00 4, 165.00 111.00 128.20 16.2927 0.8742 1.2641 0.0946 16.6792 3.60 Select 0.0019 -1.0000 0.0000 0.0000 0.0000 Select 113.40 132.80 0.0000 Select 0.8089 -1.1670 0.0018 0.0852 16.6579 3.20 3.50 4,170.00 118.00 137.4 0.0000 -1.0000 0.0000 0.0000 0.0000 Select 0.0017 0.0766 16.6428 2.80 3.10 4,175.00 Selec 0.7465 -1.0750 0.0000 0.0000 Select 0.0684 16.6046 2.45 2.70 4.180.00 122.60 142.00 0.0000 -1.0000 0.0000 Select 0.6844 0.9825 0.0015 127.30 0.0000 -1.0000 0.0000 0.0000 0.0000 Select 146.70 Select 0.6265 -0.8973 0.0014 0.0611 16.581 2.10 2 40 4, 185.00 0.0000 -1.0000 0.0000 0.0000 0.0000 Select 151.4 Selec 0.5698 0.8134 0.0013 0.0541 16.5407 1.80 2.10 4,190.00 132.00 -1.0000 0.0000 0.0000 0.0000 Select -0.7314 0.0012 0.0476 16.4818 1.55 1.80 4.195.00 136.70 156.10 0.0000 Select 0.5146