2 Replies Latest reply on Jun 14, 2017 1:04 PM by Shoe2

    Can not trade covered calls today.

    Shoe2 Active Contributor

      What has happened that I can not sell call options on stocks that I already own.

       

      One account had an an approval level of 1 and the other one had a level of 2.

      The message said this account is not approved for the option strategry.  A covered call?

      The stock symbol I was trying to sell was FAS.  Been trading it for over 10 years

      until today.

       

      I would like to hear from someone that has encounters similar problems.

       

      Shoe2

        • Re: Can not trade covered calls today.
          SchwabModerator-AC Moderator

          Shoe2

           

          I sent you a private message regarding a few details that I see. Please contact one of our brokers at 800-435-9050 to review these attempted orders in further detail.

            • Re: Can not trade covered calls today.
              Shoe2 Active Contributor

              Thanks for the heads up.  I checked Account Number xxxx-6812 Using Schwab.com and there were open sell orders for FAS that expire in August 2017 for 1,000 shares.  These orders did not show up using StreetSmartEdge,  so I entered some sell to open covered calls. That is when I got the error message against the account, but it did not give me an idea about what the actual problem was.   After your message, I went into Schwab.com and deleted the sell orders for 1,000 shares.  StreetSmartEdge showed I only owned 900 shares of FAS stock, not 1,000.

               

              Thanks for the help.

               

              Shoe2