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+Chapter 29: Introduction to Index Option Produds and Futures 
+The requirement for writing the Dec 170 put naked would be: 
+15% of index 
+Plus put premium 
+Naked put requirement 
+$2,520 
++ 500 
+$3,020 
+Both of these requirements are above the minimum of 10% of the index. 
+505 
+Options on narrow-based indices are subject to the same naked requirements 
+as stock options: 20% of the index plus the premium less an out-of-the-money 
+amount, with a minimum requirement of 15% of the index. 
+Other margin requirements are similar to those for stock options. For example, 
+if one wanted to write the Dec 170 straddle naked, using the same prices as in the 
+last example, he would have a margin requirement equal to $3,020 - the larger of the 
+put or call requirement, just as he would for stock options. Spread requirements for 
+index options work in exactly the same manner as they do for stock options. 
+LEAPS INDEX OPTIONS 
+LEAPS (Long-term Equity AnticiPation Securities) have been introduced on indices 
+in recent years. Readers not familiar with LEAPS should review the prior chapter on 
+that subject. Since LEAPS have become popular for stocks, it is only logical to think 
+that they would become popular for indices as well. 
+The main problem was that a LEAPS could be a 2-year option on a 350 dollar 
+underlying index. Such an option might cost 20 points. That is too expensive to attract 
+the public customer. Just one option would cost $2,000. Therefore, the exchanges 
+created mini-indices out of OEX, SPX, XMI, and others. These mini-indices that 
+were created are exactly the same as the full indices, except that they are divided by 
+10. This means that instead of having the 2-year put with strike of 350 cost 20 points, 
+a 2-year put with a strike of 35 costs 2 points. This is much more affordable for the 
+individual trader. 
+The following example is of OEX options and the corresponding OAX LEAPS 
+options on the same index. NOTE: OAX is not the universal symbol for this mini­
+index. OEX LEAPS are American exercise, while SPX LEAPS are European. A bro­
+ker should be contacted for symbols, expiration dates, and other details. 
+Example: The following is a sample comparison of prices for OEX and for its com­
+panion index OLX, which is OEX divided by 5. (Originally, OLX was OEX divided by 
+10, but when OEX split 2-for-1 in late 1997, OLX did not split so OLX was thereafter 
+equal to OEX divided by 5).