I want to sell a CL future and buy a atm call to protect against price increase... What I cannot understand (despite reading about SPAN on CME) is how does SPAN calculate the put up margin needed? 1. As limited to the premium paid on the option, or, 2. Margin for both Fut & FutOpt and multiply that amount by 0.35 with my broker setting that against account net liquidation value. ??? I want know if I could get margin called on the future -when I already hold an ITM option to buy back the future. I've just checked my workstation, and options have ceased trading but futures are still trading. This would present massive risk if SPAN works like (2) above... It means that account value could fall based on the Futures loss but the Option would increase the account value asw it would still be priced at last market close. Also: as SPAN will reduce margin for calender spreads, would I be correct in thinking that a one month CL option would cover a two month CL Future for the first month? I have to wonder: Do I know enough about this contract to trade it right now??... (I really want to trade it right now!!).