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What you cannot do by law is use any margin in your IRA. The custodian can make it more strict than that, but that is a different subject.
My IRA custodian, Brown & Co, will allow one to
1. Buy calls
2. Buy puts
3. Write covered calls
4. Sell a naked put if there is cash in the account to cover any exercise. That isn't just cash in the account on expiration day, the cash has to be there the whole time from when the put is sold to when it is either bought back, expires, or is exercised.
There have been other questions on the boards stating that a particular custodian won't allow any option trading at all in an IRA, and the custodian has the right to make that limitation. You can agree to the limitation or you can move your IRA to a different custodian.
You cannot in any way hypothecate or borrow against an IRA account. Period. That's the law.
Best wishes, Chris
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