Questrade has four levels of approval for options trading: covered and protectives, longs and long straddles, spreads and straddles, and uncovered writing. For more information on margin requirements and your account, please contact us by live chat, toll-free telephone or email.
| APPROVAL LEVEL | STRATEGY | INITIAL OPTIONS REQUIREMENT |
OPTIONS MAINTENANCE REQUIREMENTS |
|---|---|---|---|
| Level 1 | Covered and protectives Covered calls and covered puts |
Must have a position in the underlying stock | Same as initial |
| Covered and protectives Protected short and married puts |
100% of the option value net cost of the trade |
None | |
| Level 2 | Longs and long straddles Long calls and long puts |
100% of the option value net cost of the trade |
None |
| Level 3 | Spreads and straddles Debit spreads |
USD $5,000 minimum account equity net debit |
None |
| Spreads and straddles Credit spreads |
USD $5,000 minimum account equity net debit |
Same as initial | |
| Level 4 | Uncovered writing Short straddles and short strangles |
USD $25,000 minimum account equity + The greater of the (naked) requirement of the put leg OR the call leg + 100% of the option value of the other (light) leg |
Same as initial |
| Uncovered writing Naked calls and naked puts |
USD $25,000 minimum account equity + The greater of: USD $250 per contract OR 100% of the option value + 100% of the cash in lieu (CIL) (if any) + 10% of the underlying OR 100% of the option value + 100% of the cash in lieu (CIL) (if any) + 20% of the underlying – the out of the money amount |
Same as initial | |
| Uncovered writing Uncovered (naked)index options |
USD $25,000 minimum account equity + The greater of: USD $250 per contract or 100% of the option value + 100% of the cash in lieu (CIL) (if any) + 10% of the underlying OR 100% of the option value + 100% of the cash in lieu (CIL) (if any) + 20% of the underlying – the out of the money amount |
Same |
