Options 'Trading Level' ApprovalO
Was wondering if anyone had insight as to what determines whether someone gets approved for margin and options trading levels (i.e. being able to write covered calls level 1 and write naked puts the highest level. Higher levels require margin). I understand its based on liquid net worth, net worth, trading experience, trade size, etc but is there a general ratio/amount/rule that your broker looks for?
My story is that I've recently had to switch brokerage accounts to my employer due to trading restrictions and in the process have to re-apply for this approval. My previous account had both margin and the highest level of trading approval (took a phone call with the previous broker to work it out), but now my am getting rejected by my new broker even though I actually have more experience now, blah blah.
I know this isn't science and up to their discretion but pretty much looking for a way to get approved again as a low net worth individual. Also, cannot call the people who do the approval this time around as they do not transfer to or give out that number.
*also pretty sure the rejection is not due to being an employee as I would have been told so after calling (I'm a non finance related position).