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What are the different levels of options trading approval?
- Level 1 – Writing covered calls
- Level 2 – Buying calls and puts, plus writing covered calls (cash covered puts for cash accounts)
- Level 3 – Call and put spreads, plus writing covered calls and buying calls and puts
- Level 4 – Uncovered put writing, plus call and put spreads, writing covered calls and buying calls and puts
- Level 5 – Uncovered call writing and straddles, plus uncovered put writing, call and put spreads, writing covered calls and buying calls and puts
