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+136 Part II: Call Option Strategies 
+trading experience before the account can be approved for naked call writing. In 
+addition, some brokers require that a maintenance requirement be applied against 
+each option written naked. This requirement, sometimes called a kicker, is usually 
+less than $250 per call and is generally used by the broker to ensure that, should the 
+customer fail to respond to an assignment notice against his naked call, the commis­
+sion costs for buying and selling the underlying stock would be defrayed. 
+Naked Option Positions Are Marked to the Market Daily. This 
+means that the collateral requirement for the position is recomputed daily, just as in 
+the short sale of stock. The same margin formula that was described above is applied 
+and, if the stock has risen far enough, the customer will be required to deposit addi­
+tional collateral or close the position. The need for such a mark to market is obvious. 
+If the underlying stock should rise, the brokerage firm must ensure that the customer 
+has enough collateral to cover the eventuality of buying the stock in the open market 
+and selling it at the striking price if an assignment notice should be received against 
+the naked call. The mark to market works to the customer's favor if the stock falls in 
+price. Excess collateral is then released back into the customer's margin account, and 
+may be used for other purposes. 
+It is important to realize that, in order to write a naked call, collateral is all that 
+is required. No cash need be "invested" if one owns securities with sufficient collat­
+eral loan value. 
+Example: An investor owns 100 shares of a stock selling at $60 per share. This stock 
+is worth $6,000. If the loan rate on stock is 50% of $6,000, this investor has a collat­
+eral loan value equal to 50% of $6,000, or $3,000. This investor could write any of the 
+naked calls in Table 5-2 without adding cash or securities to his account. Moreover, 
+he would have satisfied a minimum equity requirement of at least $6,000, since his 
+stock is equity. 
+This aspect of naked call writing - using collateral value to finance the writing 
+- is attractive to many investors, since one is able to write calls and bring in premi­
+ums without disturbing his existing portfolio. Of course, if the stock underlying the 
+naked call should rise too far in price, additional collateral may be called for by the 
+broker because of the mark to market. Moreover, there is risk whether cash or col­
+lateral is used. If one buys in a naked call at a loss, he will then be spending cash, cre­
+ating a debit in his account. 
+Regardless of how one finances a naked option position, it is generally a good 
+idea to allow enough collateral so that the stock can move all the way to the point at 
+which one would cover the option or take follow-up action. For example, suppose a