Webull Multi Leg Options WeBull rating

Webull Multi Leg Options in 2022


Webull multi leg options trading: Straddles, Strangles, Collars, Verticals, Butterflies, Iron Flies, Iron Condors for 2022.



Webull Multi Leg Options


If you’ve bought calls and puts at Webull before, you likely already know that adding additional legs to your options plays can dramatically impact the profit potential and risk profile of an option position. By creating option spreads, you are able to clearly define your risk, while at the same time benefit from directional moves, the passage of time, volatility, and much more.

Webull makes trading in multi leg options easy. Here’s how you can create advanced option spreads in a matter of a few clicks.


Fees and Commissions


First, it’s good to know that Webull does not charge any commissions on options trading. This is not common in the industry, as most brokers will charge investors a commission for opening an option position. These commissions are usually charged per leg and can get costly when putting on multi leg option spreads.


Types of Multi Leg Options at Webull


Webull offers support for several multi leg option strategies, and they can all be accessed from a convenient dropdown menu.

You can trade the following:

  • Straddles
  • Strangles
  • Collars
  • Verticals
  • Butterflies
  • Iron Flies
  • Iron Condors

It should be noted that not all securities will have the same spread availability. It is always a good idea to check the list of available strategies before attempting to put on a trade. SPX is one example, as it only allows strangles and straddles.


Webull Multi Leg Options


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Permissions Needed


Webull offers option trading privileges up to Level 3 (Levels 4 & 5 are coming soon). Most of the multi leg option strategies can be taken with permission for Level 3.

Here are the types of multi leg option positions you can put on based on the trading level you have been granted:


Webull Multi Leg Options Permissions


Multi Leg Option Trading by Platform


While all the trading platforms offered by Webull are similar, there are some important differences between them when it comes to trading option spreads.

Trading complex option strategies on the browser-based version of the trading platform is not currently available. It is possible to monitor and ‘leg out’ of advanced positions on the web version, but you cannot set the trades up on the browser trading platform.

To take full advantage of Webull’s multi leg option offering, you will need to use the mobile trading app or the dedicated desktop platform.

Whichever you decide, be it mobile, desktop, or a combination of the two, you’ll have access to the same great features.


Placing a Multi Leg Option Trade


To place a multi leg option trade on the desktop or mobile trading platforms, simply navigate to the options chain, the order ticket, or the risk visualizer to select the multi leg option strategy that fits your goals.

Here is where you can find the list of available strategies on the options chain:


Webull Multi Leg Options


Here is where you can find the same strategy menu on the order ticket:


Webull Multi Leg Options


Here is where you can find the same list on the visualizer:


Webull Multi Leg Options


There are many ways to modify a multi leg option order on Webull. To create the precise strategy that you are looking for, you will need to adjust each of the spread modifiers. The choices available include, spread width, quantity, expiration, order type, and limit price. It is also possible to switch quickly between the long and short sides by selection either ‘Buy’ or ‘Sell’.


Webull Multi Leg Options


Legging Out of an Option Spread


Legging out of advanced, multi leg option positions is also possible at Webull. The process of selling single legs from a strategy starts on the positions screen. You will see each open option spread that you have in your portfolio and either elect to close the entire spreads or single legs.

To leg out of an advanced option position, simply select the leg that you would like to close, review the details related to the closing order, and submit.


Webull Multi Leg Options Overview


Whether you are new to options spread trading or a seasoned professional, you can find a lot to like about Webull’s multi leg option trading. The option chain can be modified to reflect different combinations of important factors, such as the Greeks, volatility, volume, open interest, and more. The pre-built spreads are also quite easy to use, and you can put on fairly complex positions in a matter of minutes.


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Ben Wright
About the Author
Ben Wright is an investor, a trader, an educator, and something of an explorer. He spends his days in the markets when he is not teaching or spending time with his family. Ben writes about stockbrokers, markets, investment vehicles, promotional offers, and tools that help investors make the most of their time in the markets.