Option Levels. Level 1 Covered calls, including: Covered calls sold against stocks held long in your brokerage account Buy-writes (simultaneously buying a stock and writing a covered call) Covered call roll-ups/roll-downs • Level 2 All Level 1 strategies, plus: Married puts Xxxx calls Xxxx puts Long straddles Long strangles Covered puts (short stock and short put position) • Level 3 All Levels 1 and 2 strategies, plus: Equity debit spreads Equity credit spreads Equity calendar/diagonal spreads Index debit spreads Index credit spreads Index calendar/diagonal spreads • Level 4 All Level 1, 2, and 3 strategies, plus: Naked equity puts • Level 5 All Level 1, 2, 3, and 4 strategies, plus: Naked equity calls • Level 6 All Level 1, 2, 3, 4 and 5 strategies, plus: Naked index calls
Option Levels. Depending on your responses in your account opening documentation, you may be approved for one of the following levels for options trading: Level 1: Covered calls, including: Covered calls sold against stock held long in your brokerage account; Xxx-writes (simultaneously buying a stock and writing a covered call); Covered call roll-ups/roll-downs.
Option Levels. Covered and Cash Secured Covered calls sold against stocks held long in your brokerage account Buy-writes (simultaneously buying a stock and writing a covered call) Covered call roll-ups/roll-downs Cash-secured puts Married puts Long calls Long puts Long straddles Long strangles • Defined Risk Spreads: All of Covered and Cash Secured, plus: Equity debit spreads Equity credit spreads Equity calendar/diagonal spreads Index debit spreads Index credit spreads Index calendar/diagonal spreads Naked equity puts (except in retirement accounts) Naked index puts (except in retirement accounts) • Defined Risk Spreads Plus Naked: All of Covered and Cash Secured, Defined Risk Spreads, plus: Covered puts (short stock and short put position) Naked equity calls (except in retirement accounts) Naked index calls (except in retirement accounts) Customer Signature: Date:
Option Levels. Level 1 Covered calls, including: Covered calls sold against stocks held long in your brokerage account Buy-writes (simultaneously buying a stock and writing a covered call) Covered call roll-ups/roll-downs • Level 2 All Level 1 strategies, plus: Married puts Xxxx calls Xxxx puts Long straddles Long strangles Covered puts (short stock and short put position) • Level 3 All Levels 1 and 2 strategies, plus: Equity debit spreads Equity credit spreads Equity calendar/diagonal spreads Index debit spreads Index credit spreads Index calendar/diagonal spreads • Level 4 All Level 1, 2, and 3 strategies, plus: Naked equity puts • Level 5 All Level 1, 2, 3, and 4 strategies, plus: Naked equity calls • Level 6 All Level 1, 2, 3, 4 and 5 strategies, plus: Naked index calls Naked index puts OPTIONS PRICE REPORTING AUTHORITY Professional Subscriber Agreement TO THE PARTICIPANT EXCHANGES IN THE OPTIONS PRICE REPORTING AUTHORITY: The undersigned ("Subscriber") hereby applies to the committee of Participant Exchanges designated as the Options Price Reporting Authority ("OPRA") pursuant to a plan for the consolidated reporting of last sale and quotation information in eligible option contracts (the "Plan"), which Plan has been authorized by the Securities and Exchange Commission, for the privilege of receiving current options last sale and quotation information and other information transmitted over the information reporting system administered by OPRA (the "Information"). The Plan and the information reporting system described therein are administered by the Participant Exchanges through OPRA. At the date of this Agreement, the Participant Exchanges are: American Stock Exchange LLC Boston Stock Exchange, Inc. Chicago Board Options Exchange, Incorporated International Securities Exchange, Inc. NYSE Arca, Inc. Philadelphia Stock Exchange, Inc. As a condition of being approved to receive the Information, Subscriber hereby represents to and agrees with each Participant Exchange as follows:
