Option Alpha can access and display certain information from your broker, including your options approval level.
To view your brokerage account information, access the “Trading Accounts” tab in Settings.
Option Alpha sends an order to your broker for approval and execution when you open or close a position. The broker reviews your account to determine if they can fill the order based on your approval level.
If you do not have authorization for a specific strategy type, you will receive an error message from your broker inside the platform.
For example, the account “Live IRA-1'' is approved for long, single-leg option positions only.
You can open long equity and long options positions in this account. However, an order for a non-approved position type, such as a call debit spread, will result in an error message from your broker.
The error position occupies an active position spot in your bot and will count against your total and daily position limits. You must manually cancel the position to create space for more positions.
Your broker must approve all trades. Contact your broker to make changes to your options approval level.