### Comment:
short answer: no 
  
 long answer: no, the 235p already counts as collateral for selling the 230p so not necessary. if you want to use stock as collaterial in this example, then having shorted -100 shares of HD then you can sell the 230p without needing a 235p.  
  
 if you own 100 shares of HD you can sell a call, say, 250c without needing another call. 
  
 so having 100 shares means you don't need to make a spread.

### REPLY:
Okay, so the other option is a proxy for owning the underlying stocks? I think I understand. You just have to buy another option of the same type before selling one. I'll look into how it works with more understanding now, financial jargon is hard to interpret without some background info. Thanks!

### END.