Why is "New Account" grayed out in Electrum? When creating my wallet, I chose the options "Create new wallet" and "Standard wallet." I think this is a BIP32-based wallet.

As you can see in the screenshot below, "New Account" is grayed out. Why is this?



As you can see, I'm using Electrum 2.0.3 on Windows. I have not sent or received any transactions since making this wallet.
The Electrum (even 2.*) is BIP32 compatible for standard Electrum wallets. But BIP32 standard describes only one account. BIP44 extends it to multi-accounts.

If you use hardware wallet (for example Bitcoin Trezor) in Electrum, in this case the Electrum works as BIP44 compatible and you will be able to create other account.