Not by my PC, so i’ll Give u a quick response. PM is meant to be a risk based margining system, so the OCC will shock a single stock hedged or not, part of a portfolio or not.
PM is pretty much irrelevant here as the spread requirement will only be the width - less than PM for and index that size - unless you are doing some widely large butterfly. If you really want ES margin methodology just do the fly in the ES options - not the same settlement style so just keep a really close eye on it. How wide of a fly are you intending to trade or is just an academic question?
It is not clear what Option type of trading you wish to do? - Straight forward buying Put or Call have to pay full price! where does the margin come in to it? 1 point x $250 - If you are selling naked options it will be % of the notional value same as ES options ! - If you are buying or selling spreads made up of Options then margin should be = max loss! Or am I missing something here!