I have level 3 option access with IBKR and I am trying to place calls spread/put spread but the order is showing as an uncovered option, although it has a defined risk…
These are defined risk purchases and should not require margin. Has anyone else got only level 3 options and can place put and call spreads?
Example:
SELL: SPY Call 780
BUY: SPY Call 800
Error: “THIS ACCOUNT MAY NOT HOLD UNCOVERED OPTIONS POSITIONS”