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If you leg into a vertical spread that must be profitable at expiration
regardless of the underlying, does the CBOE require margin to maintain it?
Example: Buy OEX Jan 610 Call @ 8 1/2
OEX moves up 7 points
Sell OEX Jan 615 Call @ 9 1/2
If held to expiration you will profit (before comm) between 1 and 6 and
it cannot lose. Can you move on to new trades with full buying power?
If not, what's the logic of the margin requirement?
W.M.
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