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Non-Tech : Waterhouse Securities
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To: Bill J. Landis who wrote (479)4/22/1998 3:02:00 PM
From: VincentTH   of 2076
 
Normally options are classified into 5 levels, roughly from memory:

Level 1: Covered calls
Level 2: Buy and sell long calls and long puts (*)
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Required margin accounts i.e. cannot be IRA
3. Spreads
4. Naked Puts/Calls, Straddle
5. Index options.

(*) For IRA, Waterhouse only allows buying protected puts, but not calls, I think. I don't have an IRA with Waterhouse, but remember reading it somewhere.

All transactions must be within the same account, i.e. you cannot sell a call in the IRA if your stock is in your regular account.

Hope this helps,
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