Strategies and Multi-Leg

Supported spreads and multi-leg strategies require selling permissions if any leg sells an option to open. New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions. See the Rules page.

New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions. There is no firm-wide ban on selling supported index options and no minimum opening delta. Selling requires an account with selling permissions; the ticker whitelist, supported-contract requirements and account risk limits still apply.

Yes, using supported option contracts on an account with selling permissions. New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions.

Yes, using supported option contracts on an account with selling permissions. New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions.

Yes, using supported option contracts on an account with selling permissions. New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions.

Yes, using supported option contracts on an account with selling permissions. New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions.

New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions. There is no firm-wide ban on selling supported index options and no minimum opening delta. Selling requires an account with selling permissions; the ticker whitelist, supported-contract requirements and account risk limits still apply. Pro permits uncovered option sales on supported contracts. At the Live stage naked short puts are permitted too, subject to your account's margin and drawdown rules, and the firm may buy a naked option back at once if a sharp move could take your account through its floor. A naked short call is not permitted at the Live stage, and the broker refuses the order. See the Live Program Rules for how a naked option is treated at an overnight checkpoint.

Express allows long calls and long puts. You cannot sell options on Express. No credit spreads. No naked shorts.

Level 5 is a brokerage term for broad options permissions, including long and short positions, spreads and uncovered sales. Your Options Funding plan determines what you can trade. New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions.

One contract. There is no minimum trade size beyond standard exchange constraints.

Yes. Weekly options on whitelisted tickers are tradable.

Yes, if the replacement position is allowed on your account. Any leg that sells an option to open requires selling permissions, including on supported index options. New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions. Account risk limits still apply.

Yes, on supported contracts if every order is allowed on your account. Selling any leg to open requires selling permissions. New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions. On Pro, under the rules your account was bought with, additions and partial closes stay part of the same round until the entire account is flat; once your account has the updated Pro rules, each close, including a partial one, is counted on the New York date you make it. Account risk limits still apply.

Yes, on supported contracts and whitelisted tickers in an account with selling permissions. New Growth and Express purchases allow buying options only. Pro allows buying and selling supported options. Existing accounts keep their purchased strategy permissions. Expiring positions are auto-closed at 3:55:00 PM ET for most tickers, and 4:10:00 PM ET for SPY, QQQ, IWM, DIA.

Pin risk is when an option closes very near the strike at expiration; assignment is uncertain. Expiring positions are auto-closed at 3:55:00 PM ET for most tickers, and 4:10:00 PM ET for SPY, QQQ, IWM, DIA on expiration day, which removes pin risk on simulated accounts.

Yes. Strike selection is your choice within the whitelisted tickers. Drawdown applies regardless of how far out-of-the-money you trade.

Yes. Trading continues during payout review. Drawdown and rules still apply, so be mindful that a breach can close the account before payout clears.