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I have Level 1 approval, but cannot use the Complex Options Functionality to execute a Covered Call. Why not?

April 26, 2017Approval complex Covered execute functionality level Options

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I have Level 1 approval, but cannot use the Complex Options Functionality to execute a Covered Call. Why not?

1 Answer

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Currently our permissions for complex options strategies (under which the covered call is included) begin at Level 3. So if you are only permissioned for Levels 1 or 2, it is necessary to execute a covered call position (or “buy-write”) by executing two separate trades. If you would like to gain approval to upgrade your permissions level, please complete an Options Agreement and return to our mailing address. Zecco Trading will evaluate your application and send a confirmation of the option trading strategy approved for your account.