I've been trading options on a pattern day trading account for a couple of years and now want to trade stocks.
Options are settled overnight and funds available the next day. And day trading buying power for over $25,000 in account is 4 x.
How does this work for stocks where settlement is T+2?
Does the broker lend you the funds on margin to be able to trade the next day and is the buying power still 4 x?
Example: If I have $30,000 cash in account and day trade $120,000 worth of stocks, do I have to wait 2 days to trade again, or will the broker lend me the funds on margin till it's settled so I can trade another $120,000 the following day?