WellsFargo just gave me approval to trade option at level 2. My problem is I don't understand the offered trades when I click trde options. They are "Buy put to close and "Sell put to close. How can I by a put to close If I can't seel a put to open?W4Fool
A caveat to your previous post, in selling a put to open, you are writing a put, and taking the sell side of the contract, which means you will either be naked, and using margin or using cash to secure that put. Your level two privelege will not grant you the right to sell to open puts until you get margin approval at WF.The only Sell to Open you should see is the ability to sell open calls, covered of course, meaning you are writing calls against stock you already own.
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