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What are Option Levels?
What are Option Levels?
Updated over a week ago

Most brokerages use Options Levels to help investors understand the complexity and risks of different Options strategies, and help educate investors to prevent them from engaging in risky strategies that do not align with their stated investment objectives and/or experience levels.

Prior to granting you Options trading access on Public, we’re required to evaluate whether various levels of Options strategies are appropriate for customers, based on information such as your equities & Options trading experience, investment goals, financial situation, and risk tolerance. Each brokerage has the discretion to set the specific parameters for their customers.

At Public, our Options levels provide access to different kinds of Options strategies. Our levels are:

Level 1

Level 2

All Level 1 Strategies

Straddles, Strangles, and Collars (Coming in Q2 to Public)

Level 3

All Level 1 & 2 Strategies

Spreads, Butterflies, and Condors (Coming in Q2 to Public)

Level 4

Level 1 - 3 Strategies

Naked Calls & Puts (currently unavailable)

If Public does not approve you for Options trading:

In some instances, Public may not be able to approve you for options trading during Options onboarding. Reasons may include:

  • Failure to meet our options eligibility requirements

  • Inconsistent or inaccurate data on your application

For further questions please contact Member Support via in-app chat or email at

Options carry significant risk and are not suitable for all investors. Options investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date. Certain complex options strategies carry additional risk. There are additional costs associated with option strategies that call for multiple purchases and sales of options. Supporting documentation for any claims will be furnished upon request. Prior to buying or selling an option, investors must read and understand the “Characteristics and Risks of Standardized Options,” which can be found at: See full terms of the Options Order Flow Rebate Program at Rebate rates are subject to change for new and existing enrollees.

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