Is it possible to place an Iron Condor through IB and, if yes, how? When I tried to submit an IC order (see attachment), I got a message suggesting that I was trying sell a naked call in a cash (IRA) account.
In an IRA acct w/ IB, you can not do any spreads, except covered calls (and its synthetic opposite, naked puts, fully backed up by cash available). I have not asked, but my guess is, this is to avoid any inadvertent naked short positioin caused by early assignment and exercise. You may want to try thinkorswim, which is more liberal. Opra
Highly recomend thinkorswim...I trade our IRA and am allowed every defined risk trade...credit spreads, IC, calendars...even diagonal's. I have been careful not to allow any spread to be unprotected but assume if one got into trouble they would alert me and help me get out. If you do a lot of IC's or naked puts (which is allowed) you will have to have a lot of cash to back them up as there is no margin. However on IC's they recognize only one side needs the backup so you are not charged excess buying power.