After upgrading OA and BA to version 5.5 there are only 2 options left for password quality level:
None - No password validation. The user is allowed to make up passwords of any length and character types. Strong - The minimum length for password is 7 characters of different types (uppercase and lowercase letters, numerics, special characters). Avoid using dictionary words, personal information and keyboard sequences.
Is it possible to configure system to have more password quality levels?
It is not possible to add more password quality levels or customize existing ones. There is a feature request to make it possible to have more password quality levels: POA-84272: PBA/POA Password Strength Requirements post 5.5 upgrade. It will be implemented in future versions of OA.