Ready to plan for your future retirement by selling naked calls or trading futures in your IRA? If so, you’ll need to start by upgrading* your trading level to IRA The Works–our highest trading level for IRAs. Are you not sure which IRA trading level you have? You can check by looking at your investor profile or click here.
Options and futures are not suitable for all investors and may expose your IRA to rapid and substantial losses. Trading permissions are subject to approval.
Minimums & Requirements for IRA The Works
Although there are no account minimums to upgrade to IRA The Works, there are minimums regarding selling naked calls or trading futures in an IRA.
Requirements for Naked Short Calls in an IRA
- IRA must have our highest trading level–IRA The Works. Please refer to the step-by-step instructions below.
- IRA must have a start of day net liq of at least $25,000.
- The margin requirement for short calls is 100%. For example, a short $20 call requires $2,000 in options buying power.
- Selling covered calls against a long stock position are available in all IRA account levels.
- Short calls in volatility products are not allowed.
- Stocks under $10 are not eligible.
Requirements for Futures Trading in an IRA
- IRA must have our highest IRA trading level–IRA The Works before the account has the option to enable futures trading. Please refer to the step-by-step instructions below.
- IRA The WorksAccount Minimums for Futures Trading:
- Standard CME Futures contracts & Options on Futures: Start of Day Net Liq must be $25,000
- Smalls, CME Micro E-mini futures, CME Options on Micro E-Mini futures: Start of Day Net Liq must be $5,000
How do I upgrade to IRA The Works?
To enable naked short calls in your IRA, you must have our highest trading–IRA The Works. Even if you do not intend on selling naked calls in your IRA, you must upgrade to IRA The Works if you wish to enable futures trading in your IRA.
Instructions to Upgrade to IRA The Works & Enable Futures Trading
Please follow the slideshow below if you do not have IRA The Works enabled. If you only want to enable naked short calls in your IRA and do not plan on trading futures, you may stop at slide 9 after upgrading to IRA The Works.
Instructions to Enable Futures (IRA already has IRA The Works)
Please follow the slideshow below if you already have IRA The Works enabled but have not enabled futures trading yet.