I just checked with my broker: if you have no long or short outright futures positions (your account is clean and flat)...and you go LONG a say emini SP "Call or put"...ALL THAT IS REQUIRED is the cost of the premium for that option...no additional margin $$ or SPAN $$ is required... additional $$$ for SPAN or margin is ONLY required when you have a flat and clean account and you SHORT or "Write" a call or put..... this is per my broker...check with yours...yea, makes no sense to impose more margin or SPAN $$$ if you are only long calls and puts... EXAMPLE: $5,000 in your account and NO positions open... Buy (go long) 10 cme globex emini SP or cme globex Euro FX "calls or puts"...they cost you $4,800.00...that plus your commissions is all you need to pay for and cover...no extra $$$ required for any type of margin/SPAN...again this is what my broker confirmed...
I think Increase Now has it. There shouldn't be any 'margin' per se, to buy an option. You pay the premium and that's it. Selling options would requre margin and that's where SPAN comes in.
no different as many said. if you have ONLY long option position (Put or Call), the premium you paid must be sufficient. That's the max you can lose. Looks like your broker's program applies SPAN requirements incorrectly. Pl. check ASAP (and switch if they ask for margin!) I was actively trading options (buy, sell (naked), spreads), with Xpresstrade (now Optionsxpress), and never saw a margin for a loong position.
I have not traded options on futures recently (for about a year now) because of some other engagements, but I keep an eye on them - if I still answer the second part, I was mainly trading coffee (too difficult to get fills but you get good returns even on the WOTM options), and Euro (liked the low volty). Did trade grains but before they became so volatile.