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Option approval level

The tier a broker assigns to an account, controlling which option strategies it may trade — from covered calls up to naked short options.

Most brokers use four or five levels. The lowest allows covered-calls and protective-puts; the next adds long options; then spreads; then cash-secured-puts; and the highest permits naked short calls.

Approval depends on stated experience, income, net worth and account size. It is worth understanding because a strategy you have researched may simply be unavailable, and because an approval downgrade can leave you able to close positions but not adjust them.

Example: you plan to roll a tested iron-condor by selling a new strangle at wider strikes. With spread-level approval only, the broker rejects the naked short call. You must close instead of adjust, realising the loss you were trying to manage.

Related: naked-call, naked-put, cash-secured-put, house-margin-requirement

See it drawn

Original diagrams for the ideas on this page. Illustrative, not real market data.

Payoff of a long call at expiryA flat loss equal to the premium below the strike, turning upward at 45 degrees above it.Profit / loss per share08595115125Strike 105Max loss 3 — the premium paidBreakeven 108Profit keeps growingUnderlying price at expiry
Buying a call: payoff at expiry. A 105-strike call bought for 3 loses that whole 3 if the price finishes at or below 105, breaks even at 108, then gains a dollar for every dollar higher. The loss is capped at the premium; the upside is not capped.

Educational only, not advice. Spotted an error? Post in Site Feedback.