F&O Margin Calculator
Check the margin needed for NSE futures and options, including the benefit when positions hedge each other. Add one or more contracts to see SPAN, exposure and total margin.
| Contract | Side | Quantity | Price | Margin | Remove |
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No positions yet. Add a futures or options contract above.
- SPAN margin —
- Exposure margin —
- Margin benefit (hedge) —
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- Total margin —
Funds required is the total margin plus any premium you pay. Premium uses your price (NSE’s price if you don’t change it); margin is always calculated by the exchange method from NSE SPAN data. Premium received from selling options is not counted towards funds required.
Frequently asked questions
What is SPAN margin?
SPAN (Standard Portfolio Analysis of Risk) margin is the exchange's estimate of the largest loss a position could make in one day. It is worked out by checking the position against 16 price and volatility scenarios, using risk figures that NSE publishes several times a day.
What is exposure margin?
Exposure margin is charged on top of SPAN margin as an extra safety buffer. For index futures and short index options it is 2% of the contract value; for stock futures and options it is set by the exchange for each stock, and is higher for short options far out of the money.
Why is the margin lower when I add a hedge?
Margin is worked out for your positions together. When one position gains as another loses, for example buying a far option against a sold option, or a calendar spread in futures, the combined risk is lower, so the margin required falls. The saving is shown as the margin benefit.
Do I pay margin when I buy options?
No. When you buy an option you pay the full premium upfront instead of margin. Margin applies to futures and to options you sell.
Why can my broker's margin differ from this calculator?
The calculator uses NSE's SPAN and exposure margin files as of the time shown, and the latest price in those files. Margins change during the day, and brokers and the exchange can charge additional margins in volatile markets or close to expiry.
Risk disclosure on derivatives: 9 out of 10 individual traders in the equity Futures and Options segment incurred net losses (SEBI study). Trading in derivatives involves substantial risk.
Margins shown are calculated from the exchange's published SPAN and exposure margin files as of the time stated above and are for reference only. Actual margin blocked by the exchange and the broker can differ, changes during the day and may include additional margins. Investments in securities market are subject to market risks; read all the related documents carefully before investing.