F&O Margin Calculator
Calculate exact SPAN and exposure margin for any F&O contract on NSE and BSE. Options, futures, multi-leg strategies. Instant results.
Calculator
Lot Size: 15 shares/units
Margin Requirements
₹0
Risk-based minimum margin
₹0
Safety buffer (3% of contract value)
₹0
Per lot
Maximum Lots by Capital
₹1L Capital
0
lots
₹2L Capital
0
lots
₹5L Capital
0
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Note: These are approximate values based on typical SPAN parameters. Actual margin requirements may vary based on current volatility and exchange rules. Always verify with your broker before trading.
Risk Warning
Tools are for informational and educational use. Past computational accuracy does not guarantee future results. Trading involves risk of capital loss.
Hedged Strategy Margin
Compare margin for multi-leg strategies
Margin Comparison
Strategy Legs
₹80,100
₹64,100
₹16,000
(20.0%)Why hedging saves margin: SPAN recognizes that your long and short positions partially offset each other's risk. The exchange requires less margin because your maximum loss is capped by the strategy's defined risk profile.
Broker Margin Comparison
How major Indian brokers handle F&O margin requirements
| Feature | Z Zerodha | A Angel One | U Upstox | D Dhan |
|---|---|---|---|---|
SPAN Margin Collection Minimum exchange required | ||||
Exposure Margin Collection Additional safety buffer | ||||
Margin Pledging Pledge stocks for margin | ||||
Intraday Leverage For MIS/BO/CO orders | Up to 5x | Up to 10x | Up to 4x | Up to 5x |
Important Note
All SEBI-registered brokers must collect at least the SPAN + Exposure margin as mandated by the exchange. The actual SPAN margin is calculated by the exchange's SPAN system and is identical across all brokers. Differences may arise in additional margin buffers, pledging facilities, and intraday leverage offerings. Data as of May 2026 — please verify current terms with your broker.
ZZerodha
- Kite platform
- Console reports
- Coin mutual funds
AAngel One
- Angel ARQ
- Smart API
- Free delivery trades
UUpstox
- Pro Web
- Option chain
- MTF available
DDhan
- Dhanies
- Option trading
- Forex trading
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Understanding F&O Margin in India
SPAN margin (Standard Portfolio Analysis of Risk) is the minimum margin required to initiate and maintain F&O positions in India. It is calculated by the exchange using a sophisticated risk-based algorithm that considers price movements, volatility, and correlations. The total margin required equals SPAN margin plus an Exposure Margin (typically 3% of contract value).
What is SPAN Margin?
SPAN is a risk-based margining system developed by the Chicago Mercantile Exchange (CME) that was adopted by Indian exchanges in the early 2000s. Unlike fixed percentage margin requirements, SPAN calculates margin based on the worst-case scenario loss for a portfolio under 16 different market scenarios.
These scenarios include extreme price movements up and down, volatility increases, and combinations thereof. SPAN then selects the worst-case loss from these scenarios as the margin requirement. This approach is more accurate and often more efficient than fixed percentage margins because it accounts for the specific risk characteristics of each instrument.
For example, a far out-of-the-money (OTM) option has lower risk than an at-the-money (ATM) option, and SPAN recognizes this by requiring less margin for the OTM position. Similarly, hedged positions receive margin offsets because the risk of the combined position is less than the sum of individual risks.
What is Exposure Margin?
Exposure margin is an additional margin charged by exchanges as a safety buffer over and above SPAN margin. It is typically calculated as a flat percentage of the contract value:
- •Index Futures & Options: 3% of contract value
- •Stock Futures: 5% of contract value (or SPAN, whichever is higher)
- •Stock Options: 5% of contract value (for short options)
- •Currency Derivatives: 2% of contract value
- •Commodity Futures: 4-5% depending on commodity
The purpose of exposure margin is to provide an additional buffer beyond SPAN's statistical calculations. During extreme market events when correlations break down and volatility spikes, exposure margin helps ensure there are sufficient funds to cover losses.
Why Does Margin Change Near Expiry?
Margin requirements increase significantly as options approach expiry, particularly for in-the-money (ITM) options. This happens for several reasons:
Gamma Risk Increases
Near expiry, gamma (rate of change of delta) is highest for ATM options. Small moves in the underlying cause large changes in option value, increasing risk.
Assignment Risk
Short ITM options face assignment risk at expiry. The exchange increases margin to ensure sufficient funds if assigned.
Price Sensitivity
Time decay accelerates near expiry. Options become more sensitive to underlying price movements per unit of time.
Volatility Expansion
Expiry day often sees increased volatility as traders close positions. Higher volatility means higher SPAN margin.
On expiry day, exchanges typically double the margin requirement for ITM short options. For example, if normal SPAN + Exposure for a short option is ₹50,000, it may increase to ₹1,00,000 on expiry day. Traders must plan for these increased requirements or close positions before expiry.
How Hedging Reduces Margin Requirements
One of the most powerful features of SPAN is its recognition of hedged positions. When you hold offsetting positions (like a spread or combination), the total margin is significantly less than the sum of individual margins because the risk is reduced.
For example, consider a Bull Call Spread on Nifty: Buy 23000 CE and Sell 23200 CE. The long call profits if Nifty rises; the short call loses if Nifty rises. These offset each other, limiting your maximum loss to the difference in premiums minus the spread width. SPAN recognizes this offset and charges margin accordingly.
Similarly, an Iron Condor involves selling an OTM call spread and an OTM put spread. Because the market cannot move both up and down simultaneously, the maximum loss is capped at the width of one spread minus the credit received. This limited risk profile results in much lower margin requirements compared to selling naked options.
Related Resources
F&O Margin FAQs
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