Are you looking to trade naked calls or futures in your IRA? If so, you're in the right place. To be eligible for selling naked calls in an IRA, your account must have our highest IRA trading level, IRA The Works. Additionally, to be eligible to apply for futures trading, you will need to upgrade your trading level to IRA The Works. IRAs can still upgrade to IRA The Works even if it does not qualify. However, the account will not be able to trade naked short calls or trade futures (after applying) until the account satisfies the minimum funding requirements.
*Eligibility for IRA The Works is dependent upon your suitability (Trading Objective, Trading Knowledge, and Financial Standing). Your suitability is determined by your investor profile. Please refer to slide 6 in the animated step-by-step guide below.
Eligibility to Apply for Futures in an IRA
- You must be eligible for IRA The Works before applying for Futures trading in an IRA.
- Minimum to trade micro e-mini futures: $5,000
- Minimum to trade standard futures contracts: $25,000
- To learn how to apply for future in your IRA after upgrading to IRA The Works, please click here.
- To view a list of available futures contracts, including micros, please click here.
Eligibility for Naked Short Calls in an IRA
- You must be eligible* for IRA The Works.
- IRA account must have a start of day net liq of at least $25,000.
- Margin requirement for short calls is 100%. For example, a short $20 call requires $2,000 in options buying power.
- No short calls in volatility products.
- Stocks under $10 are not eligible.
- Selling covered calls (with a long stock position) is available in all IRA account levels.
How to Enable IRA The Works
To enable IRA The Works, please sign into your account at tastyworks.com then navigate to My Accounts and select Trading Preferences. Or, you can click here to access your Trading Preferences directly. Please follow the animated step-by-step guide below. To navigate, click the right and left arrows, located beneath the image.
After you ENABLE Short Calls in your IRA (if eligible), your trading level will change to IRA The Works.
Please Note: If IRA The Works is greyed out after enabling short calls in your IRA, then please click here to learn how to upgrade your trading level. Or, to learn about our different trading levels, please click here. Once your account becomes eligible for IRA The Works, then you may sell calls or start your futures application. To learn about our different trading levels, please click here.
**Please do not use Microsoft Internet Explorer or Microsoft Edge when enabling.
If you do not see the ENABLE button for short call writing in your IRA, then your browser may be caching old data. To bypass this and refresh your browser please use the following keystrokes:
PC: CTRL + F5
Mac: ⌘ Cmd + ⇧ Shift + R