something not very clear

Margin :


Margins are required when options are sold
􀁺 When a naked option is written the margin is the
greater of:
1 A total of 100% of the proceeds of the sale plus
20% of the underlying share price less the
amount (if any) by which the option is out of the
money
2 A total of 100% of the proceeds of the sale plus
10% of the underlying share price
􀁺 For other trading strategies there are special rules

from 5101 (lecture 6.pdf page 8.16)

executive stock option 经营者股票期权