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Don't bother calling them again. Yes he was clueless.
It's the same problem they have had at least since 2009. When you do a spread, the Trade Calc gives you an incorrect IM for the first one. But all others after the first one are correct.
Use Trade Calc to get your IM for one short put and 2 long puts. Right down the IM from Trade Calc. (I just got 579.70). Now change the quantities to 4 longs and 2 shorts. Click calculate. Take this IM (939.40) and then subtract the IM you got when you calculated for 2 longs and one short. The difference should round off to 360. 939.40-579.70=359.70
Schwab is too cheap to rewrite the code and fix this problem. I had one VP saying they would fix it. Then he left when Schwab bought OX and it will never get fixed until they rewrite the software. So you have to have extra margin for your first spread.
Can you help answer these questions from other members on NexusFi?
I have never traded an etf so I can't help you there.
Hard to say what account size you can trade and stay diversified. Many of the commodities cannot handle large quantities like ES and CL. But I would think you could do several million and be OK. Just make sure you have good risk controls.
Thanks Ron, that absolutely sucks but I think something else is going on also. Right now when I log in and check my "balances" the requirements are
$17,911.00 for
-30 ESM61500P
+60 ESM61250P
Even with the information you mentioned the numbers don't seem to add up.
/rsm005/
ys91
Chicago, IL, USA
Posts: 19 since Nov 2015
Thanks Given: 46
Thanks Received: 9
Thanks @ron99 ! I was just wondering if the entry of another bigger player could cause any sort of a premium drop for put-write strategy. Guess, we'll have to see, but I think I'd want to see how they perform given their ATM 30DTE put options writing defined mandate given they'll be exposed to a lot of short term risk. I'd be surprised if they do better than breakeven after fee, etc. over a relatively long term.
via Strategylab. Checking manually I've got exact the same amount (IM 742)
Edit: by entering the order and choosing the amount of 30 the result is 17825 IM. So hard to understand your shown IM, except the number of contracts was wrong.