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Options Trading Levels

Indicates the type of options trading you can perform on the E*TRADE site.

With This Level:	You Can:
Level 1	Sell covered calls against stocks held long in your E*TRADE account.
Level 2	Sell covered calls against stocks held long in your E*TRADE account. Sell covered puts against stocks sold short in your account. Buy calls and puts.
Level 3 (Margin account required)	Sell covered calls against stocks held long in your E*TRADE account. Sell covered puts against stocks sold short in your account. Buy calls, puts, straddles, or combinations Trade equity and index spreads. Write naked equity puts.