WYNN Resorts popped up after entering the trade yesterday and continued this morning. The stock is now near flat after being up nearly $2 points. I am selling the calls for August to flatten out the delta and create a less positively baised trade.
There is resistance at $85 and then again at $95. We are selling 2 of the 95 Calls for approximately $1.65. The margin requirement will be more on the overall position because most firms now charge the highest of the two calculation. The two calculations being the put and the call margin calculations.