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To: gdichaz who wrote (46702)	10/31/1999 3:57:00 PM
From: Wyätt Gwyön	Respond to of 152472

Cha2, looks like we're playing "message tag" <g>. My understanding is that Level 2 option trading is the highest level allowed for an IRA. Level 2 allows you to purchase a call or put, and also to sell a purchased call or put (in the same way you buy/sell a stock). I forget whether covered call writes are counted as Level 2 or Level 1 (but in any case, if you have level 2, you can write covered calls). Level 2 does not let you simultaneously sell short calls/puts while going long other calls/puts of different expiries/striking prices ("spreads"--level 3, I believe) or to simply sell short calls/puts against margin in your account ("naked writing"--level 4, I believe). Hope this helps, MM