Why am I not able sell a covered call on my leaps ?

Official Response

I get the following error when I try to do this:

(354014) Your order will leave your account with an option position that exceeds your option level. Please review your order.

I did upgrade my options level to Level 2 yesterday morning and I am trying this from a non-retirement account.

I also see that since enabling Level 2 and margin, all my regular stocks were converted into margin but not the leaps. I tried to sell the covered call on leap with trade type Cash as well as Margin but it is giving same error as above.

Do I need to wait for my leap to be journaled into margin as well? And if so, how long does it take to do so?

Posted Oct 28, 2025, 4:49 PM UTC

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