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+Portfolio Margining
+Customer portfolio margining is a method of calculating customer margin
+in which the margin requirement is based on the “up and down risk” of the
+portfolio. Before the advent of portfolio margining, retail traders were
+subject to strategy-based margining, also called Reg. T margining, which in
+many cases required a significantly higher amount of capital to carry a
+position than portfolio margining does.
+With portfolio margining, highly correlated securities can be offset
+against each other for purposes of calculating margin. For example, SPX
+options and SPY options—both option classes based on the Standard &
+Poor’s 500 Index—can be considered together in the margin calculation. A
+bearish position in one and a bullish position in the other may partially
+offset the overall risk of the portfolio and therefore can help to reduce the
+overall margin requirement.
+With portfolio margining, many strategies are margined in such a way
+that, from the point of view of this author, they are subject to a much more
+logical means of risk assessment. Strategy-based margining required traders
+of some strategies, like a protective put, to deposit significantly more
+capital than one could possibly lose by holding the position. The old rules
+require a minimum margin of 50 percent of the stock’s value and up to 100
+percent of the put premium. A portfolio-margined protective put may
+require only a fraction of what it would with strategy-based margining.
+Even though Reg. T margining is antiquated and sometimes unreasonable,
+many traders must still abide by these constraints. Not all traders meet the
+eligibility requirements to qualify for portfolio-based margining. There is a
+minimum account balance for retail traders to be eligible for this treatment.
+A broker may also require other criteria to be met for the trader to benefit
+from this special margining. Ultimately, portfolio margining allows retail
+traders to be margined similarly to professional traders.
+There are some traders, both professional and otherwise, who indeed have
+made “big money,” as the student in my class said, trading delta neutral.
+But, to be sure, there are successful and unsuccessful traders in many areas