What Can I Trade?
On the Basic Options Plan, you can trade long calls and long puts only. That means buying single-leg calls or puts, then selling them to close.
Can I… | Basic Options |
Buy calls or puts | Yes |
Sell to open (write options) | No |
Trade spreads or other multi-leg strategies | No |
Use margin | No |
Hold positions overnight | No |
Trade SPX, XSP and VIX | Yes, long single-leg calls and puts only |
Closing Time: 3:59pm EST
All positions must be closed by 3:59pm EST every trading day. Any position still open at 3:59pm EST is automatically closed at market price.
Tip: Close your positions yourself before 3:59pm EST. An automatic close at market price may fill at a worse price than you expect.
Frequently Asked Questions
Can I trade spreads, iron condors or straddles?
Not on the Basic Options Plan. These multi-leg strategies are available on the Advanced Options Plan. See Advanced Options Plan - Trading Permissions.
What happens if I forget to close a position?
It's automatically closed at market price at 3:59pm EST.
Why can't I hold positions overnight?
All accounts are flat at the end of each trading day, so your account is never exposed to overnight price moves.