Day trading pattern and ISE / PHLX options

Quote from MTE:

No, you don't need margin to buy an option, but, as I said, option trading is done in a margin account, period.
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Period huh? :))

just got approved to the credit spreads level with OX and my account (surprise!) is cash.

I called them to double check - I am not affected by the day trading pattern rule...

period! :) no rules. nada! nought!

:P
 
Quote from maxima120:

Period huh? :))

just got approved to the credit spreads level with OX and my account (surprise!) is cash.

I called them to double check - I am not affected by the day trading pattern rule...

period! :) no rules. nada! nought!

:P
More...

Credit spreads can only be done in a margin account as they require a margin so I don't know how you can have a cash account.
 
I imagine it is pretty simple. exposure is limited and if you have balance enough the system will let you open the position..

Also the system shows me that next level is selling naked calls and that requires convertion your account to margin account.

so I am sure the customer service girl didnt lie. also I asked her to double check.

markets change. brokers change.

you know ;)
 
Quote from maxima120:

Period huh? :))

just got approved to the credit spreads level with OX and my account (surprise!) is cash.

I called them to double check - I am not affected by the day trading pattern rule...

period! :) no rules. nada! nought!

:P

.... so I am sure the customer service girl didnt lie. also I asked her to double check.
More...
You might wanna check with the compliance dept rather than a customer service girl :)
 
Quote from maxima120:

I imagine it is pretty simple. exposure is limited and if you have balance enough the system will let you open the position..

Also the system shows me that next level is selling naked calls and that requires convertion your account to margin account.

so I am sure the customer service girl didnt lie. also I asked her to double check.

markets change. brokers change.

you know ;)
More...

Whatever you say, mate!
 
i opened short baterfly on spy just now. it works without calling compliancy department.

i think this fact concludes the doubts in my sanity expressed previously :)
 
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