2. How to apply for/update your option level
Margin Account
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Cash Account
|
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Strategies
|
Level 1
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Level 2
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Level 3
|
Level 4
|
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Stock Options
|
Stock Options
|
Index Options
|
Stock Options
|
Index Options
|
Stock Options
|
Index Options
|
||
Cash-Secured Put
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
|
|
✓
|
|
✓
|
|
✓
|
|
✓
|
|
|
Covered Put
|
|
|
✓
|
|
✓
|
|
✓
|
|
Long Call/Put
|
|
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
Collar
|
|
|
✓
|
|
✓
|
|
✓
|
|
Long Straddle/Strangle
|
|
|
✓
|
✓
|
✓
|
✓
|
✓
|
✓
|
Butterfly/Condor
|
|
|
|
|
✓
|
✓
|
✓
|
✓
|
Iron Butterfly/Condor
|
|
|
|
|
✓
|
✓
|
✓
|
✓
|
Vertical Spread
|
|
|
|
|
✓
|
✓
|
✓
|
✓
|
Long Calendar Spread
|
|
|
|
|
✓
|
✓
|
✓
|
✓
|
Long Diagonal Spread
|
|
|
|
|
✓
|
✓
|
✓
|
✓
|
Short Calendar Spread
|
|
|
|
|
|
|
✓
|
✓
|
Short Diagonal Spread
|
|
|
|
|
|
|
✓
|
✓
|
Short Naked Call/Put
|
|
|
|
|
|
|
✓
|
✓
|
Short Straddle/Strangle
|
|
|
|
|
|
|
✓
|
✓
|
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Options trading entails significant risk and is not appropriate for all customers. It is important that investors read Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount. Supporting documentation for any claims, if applicable, will be furnished upon request.