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Webull Options Trading Platform and Pricing. Buying Long Puts, Selling Covered Calls, & Straddles (2020)



Options Trading at Webull


Webull recently added options trading to its range of investment services. The waitlist has been removed, and the broker’s customers can now enroll and start trading options right away.


Signing Up


It’s easy to add options trading to an account. Just head over to webull.com/options and click on the “Get Started” button. Follow the instructions and your account will be approved for options trading within 24 hours.

It’s also possible to add options trading using the mobile app. On the lower menu on the Webull app, tap on the center icon (the bull’s horns) and then tap on the icon with a circle and three dots inside (labeled as “More”). On the next page, tap on “Options Trading” under the “Account” menu. Just follow the instructions and you’ll be ready to trade within a day.


Current Option Strategies at Webull


The first level of options trading at Webull is long puts and long calls. Selling cash-secured puts and covered calls is available at the second level, although a margin account is required. If your application only grants you trading permission for Level 1, you can reapply for Level 2.

There are no spreads at this time, but the brokerage house does have plans for them in the future.


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Pricing


Webull charges nothing for derivative trades. There is no base commission, no per-contract fees, and no assignment or exercise fees. Can’t get much better than that.


Trading on the Mobile App


To trade contracts on the broker’s mobile app, first go to a stock’s profile page. This can be generated by using the watchlist on the platform and tapping on a stock. Alternatively, there’s a magnifying glass at the top of the app. Just tap on that and enter a ticker symbol. Or you could use the equity screener found under the “Markets” section of the app.


Webull options trading


On the stock’s profile, there is a row of icons at the bottom. Tap on “Options” to find the list of available contracts for that stock.

At the very top of the new window, there will be a row of dates. These are the available expiration dates for a stock’s options. You can only select one expiry date at a time.

By default, both calls and puts are shown. It’s possible to delete one or the other by tapping on “Calls” or “Puts” at the top of the page. In-the-money contracts are shown in blue. Contracts can be displayed in either vertical or horizontal format. Break-even prices are shown for each strike price.

Strangely, the button for calls is shown in green, while the button for puts is red. This is somewhat odd because you can buy or sell either option type.


Trading on the Computer Platform


Webull’s browser and desktop platforms are essentially the same. To access the software’s option-trading tools, you’ll want to click on the “Stocks” icon in the far left-hand menu first.


Webull options


Here, you’ll find option chains at the bottom of the screen. They’re hidden when you get to this page, so you’ll need to click on the expand icon. It’s in the lower-right corner, represented by a double up-arrow.

Once again, it’s only possible to select one expiration date at a time, which is a slight weakness. Columns show bid and ask prices, volume, open interest, and implied volatility. Clicking on a bid or ask price automatically populates a trade ticket, which sits next to the chains.

If there are lots of strike prices, we recommend expanding the table. This is done by clicking on another icon, which sits next to the double up-arrow.

Besides the table of contracts, Webull’s platform also presents a chart view. Here, it’s possible to drag a contract left or right to change its strike price. A potential trade’s maximum gain and loss are both shown along with its break-even point.

On the order ticket, it’s easy to increase or decrease the number of contracts. There are four order types but just one duration choice (day). It is not possible to add multiple legs to an order at this time.


OPRA Real-Time Data


Webull offers a free trial of real-time options data just for signing up for derivative trading. To continue receiving the data, you have to place an option trade once every 30 days.


Open Webull Account


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