Options

Approvals

Levels 1–4. Covered calls and cash-secured puts first; spreads and naked after review.

Ticket

Single-leg now; complex orders in a later build. $0.00 + $0.65 per contract online.

Risk

Options can expire worthless. This page is not a recommendation.

Approval before the first contract

Options are not on by default. Levels run from 1 to 4. Covered calls and cash-secured puts are the first book. Spreads and naked options come only after a review. A cash equity account does not imply an options level.

The online charge is $0.00 plus $0.65 per contract. A broker-assisted options order adds the $25.00 assisted fee on top of the contract charge. Multi-leg tickets are a later build. This page describes the book. It is not a suggestion to sell or buy a contract.

What can happen to the premium

• A long option can expire worthless. The premium is then gone.
• A short option can be assigned. Covered means you already hold the shares or the cash the contract requires.
• Index options and equity options are not the same deliverable. Read the contract before the ticket.
• Quotes on the public site are delayed samples. They are not a live options chain.
• Nothing here is a hedge recommendation for a stock you already hold.