You’ve got to understand what haircut is and how it relates to portfolio margin. They are NOT the same thing. PM is margin with that comes margin calls, haircut is more or less like PM but you’re dealing with the exchanges. It’s easier to explain for me a little later. https://www.theocc.com/risk-management/rbh/ The portfolio margin calculator is incredibly useful on that website also. I use it quite often. Haircut and PM are really the only way I’ve seen any trader make anything substantial. Really the whole document is exhausting to read, but the part on net capital is important. That is haircut. All of the other regulatory stuff is nonsense if you don’t own a B/D. I’ll PM you when I can, but read from the website I posted and then finish reading the document. It’ll make more sense afterwards.