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