NO.PZ2023040401000017
问题如下：
An investor takes a long position of 20 futures contracts, suppose the initial margin=$5/contract, maintenance margin=$2/contract. The futures price changes in the following days as follows：
2.4On which day the investor will receive a margin call and how much variation margin he should post?
选项：
A.Day 2; variation margin is $40.
Day 3; variation margin is $40.
Day 3; variation margin is $80.
解释：
If the margin balance in the trader's account falls below the maintenance margin, the trader will get a margin call. When get the margin call, the investor should bring the margin balance back up to the initial margin level, which is also called variation margin.
In this example, the initial margin is $100 and the maintenance margin is $40. As shown in the table below, it is only on the third day that the margin level falls below the maintenance margin level $40, and the margin needs to be replenished to the initial margin level.
是回到initial，算gap吗？即variation=initial margin*shares-ending balance?期初的100=initial * shares?
