Options Margin Approval Levels

Approval Levels Include Spreads in IRAs & Short Combos with Margin.

Place single-leg or multi-leg options trades including spreads, straddles, butterflies, condors, combos, and ratios.

Level 1 Options Approval
  • Covered Calls & Puts
  • Protective Calls & Puts
  • Income Hedge Objectives

 

Level 2 Options Approval
(Level 2 includes Level 1 Approvals)
  • Long Calls & Puts
  • Long Straddles
  • Leverage & Speculation Objectives
  • Income & Hedge Objectives

 

Level 3 Options Approval
Level 3 includes Level 1 & 2 Approvals
  • Cash Secured Equity Puts (CSEP)
  • Income & Growth Objectives
  • Income & Hedge Objectives
  • Leverage & Speculation Objectives

 

Level 4 Options Approval
(Level 4 includes Level 1,2 & 3 Approvals)
  • Debit Spreads
  • Credit Spreads
  • Hedge & Speculation Objectives
  • Income & Hedge Objectives
  • Leverage & Speculation Objectives
  • Income & Growth Objectives

 

Level 5 Options Approval
(Level 5 includes Level 1,2,3 & 4 Approvals)
  • Uncovered (naked) Puts & Calls
  • Short Straddles
  • Short Combinations
  • Speculation Objective
  • Income & Hedge Objectives
  • Leverage & Speculation Objectives
  • Income & Growth Objectives
  • Hedge & Speculation Objectives

 

 

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