What trading levels are available for Exchange Traded Options (ETO) accounts?

There are four trading levels available for Options accounts. Each level identifies the type of transactions you are permitted to perform on the account.

Below is a summary of trading levels and transactions permitted:

Level 1: Buy Calls and Puts to open + Sell Calls and Puts to close
Level 2: Level 1 + Sell Specific Covered Calls
Level 3: Level 2 + Sell Uncovered Options (Calls)
Level 4: Level 3 + Sell Uncovered Options (Puts)

Learn more about the characteristics of each Options account level, likely investment objectives and potential financial risks.

What level is my account?

You can find your Options account level via CommSec website. Simply, login to your account and navigate to Portfolio, the account level is next to your Options account number.

How do I upgrade my account level?

Download and complete the Trade Level Change Form. This form can be located online by loggin into CommSec and navigating to Help > Forms & Brochures > Derivatives, then selecting the Trade Level Change for Exchange Traded Options Form

Return the completed forms to us via either of the below:

Email: CommsecDerivatives@cba.com.au.

Post: CommSec - Locked Bag 22, AUSTRALIA SQUARE NSW 1215

Before submitting a request to change your Options trading level, you should carefully consider your relevant circumstances including your experience, investment objectives, financial resources, and risk appetite.

Important information

There can be high levels of risk associated with trading in Options. Only investors familiar with the risks of Options trading should consider these products.


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The information on this page has been prepared without taking into account your objectives, financial situation or needs. For this reason, any individual should, before acting on this information, consider the appropriateness of the information, having regards to their objectives, financial situation or needs, and, if necessary, seek appropriate professional advice.

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