Options
October 23, 2026
Enabling Options Trading on Your Account
Options trading must be enabled on your account before you can place options orders. If you didn't apply for options trading when you opened your account, you can apply from the web platform.
Options involve risk and are not suitable for all investors. Before trading options, read the Options Trading Disclosure (PDF) and Characteristics and Risks of Standardized Options, also known as the Options Disclosure Document (ODD).
Requesting options trading
- Open the Instruments tab in the left sidebar.
- Select any instrument to open its detail page.
- Locate the Get Options Trading button near the top of the instrument page.
- Select it and complete the application.
- Approval is required before you can place options orders.
Checking your options level after approval
After approval, your assigned options level is visible in the Account tab under Enabled Assets → Options Level (e.g., Level 1, Level 2).
Options levels and permitted strategies
Your options level determines which options strategies are generally available to you. Some strategies may still depend on account approval, platform support, risk controls, product availability, or other account-specific requirements.
| Options level | Generally permitted strategies |
|---|---|
| Level 1 | Covered calls and cash-secured puts |
| Level 2 | Level 1 strategies, plus long calls and long puts |
| Level 3 | Level 2 strategies, plus spread strategies and long straddles or strangles |
| Level 4 | Level 3 strategies, plus uncovered calls or puts and short straddles or strangles |
What you can trade today: the Clear Street platform currently supports trading Level 1 and Level 2 strategies. Your approved options level may be higher, but Level 3 and Level 4 strategies, such as spreads, can't be traded yet. Multi-leg strategies aren't available yet, but they're on our near-term roadmap. For details, see 📄 Multi-Leg Options and Complex Strategies.
Contact support for
- Approval status questions.
- Account-specific options-level explanations.
- Denied applications.
- Requests to change or upgrade your options level.