Trading naked options is not allowed in smaller accounts due to the undefined risk that is accompanied with them. However, we are able to place similar trades by defining our risk. Today, Tom Sosnoff and Tony Battista show you how you can make a few simple changes in order to place a trade in any account! First the guys handle the call side. By buying a call, they create a Jade Lizard. Here they still have undefined risk on the put side but are covered on the call side. These trades can be placed in any size account and any type of account, including an IRA. The only problem with the Jade Lizard is that the put has to be cash secured so it takes up a lot of buying power! In order to get around this, the guys take the trade one step further and by a put option as well. These turns the Jade Lizard into an Iron Condor and greatly reduces the buying power required for the trade. This can also be done in any account as you have defined risk. While both of these trades will take in a lower amount of credit than the strangle, they make up for it by increasing their probability of profit!