Hello, I have a general question concerning options. In another thread there was a discussion about options on the Korean Kospi Future The interesting fact about these options is that they are extremely liquid ! In fact, these options produce the highest volume worldwide ( compared to other options). The spread in the ATM options is one tick, the underlying index makes some nice moves. Now - I learned that one needs to put a margin for these options, since they are based on the future, not on the cash index. How do you calculate your actual leverage ? It's confusing to me, because options itself are already leveraged. Now you have to combine the leverage with the margin... Could somebody enlighten me on how I can calculate the leverage ? Thanks ! Marsupilami