Webull Options Spreads
If you are a stock, index, or ETF option trader, you likely already know how option spreads can benefit your portfolio and earning potential.
Using options spreads like butterflies, credit spreads, debit spreads, iron condors, and all the other available strategies, allows you to benefit from the diverse characteristics of the ever-changing markets.
Webull offers option spread trading, and it is quite simple to take advantage of the broker’s trading software to build your own option spread strategies.
Read on to learn more about how to trade option spreads at Webull.
Types of Options Spreads Available at Webull
Whatever your strategies and goals happen to be, there are option spreads available at Webull to match. Whether you are looking for a way to sell premium, take advantage of a directional move, take advantage of an outsized move in either direction, or you just want to profit from a stock going sideways, Webull has you covered.
You can create the following option spreads at Webull:
- Straddle
- Strangle
- Vertical
- Butterfly
- Condor
- Iron Butterfly
- Iron Condor
- Calendar
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How to Place Option Spread Orders on Webull
Placing an option spread order on Webull is an easy process. The trading platforms set up the spreads for you when you select your desired spread type and strike price. From there, all that is required is to adjust the order to tailor the spread to your needs.
The first step to creating an advanced option spread order is to select the desired spread from
the option chain.
Once selected, the option chain will populate with strikes related to the selected option spread strategy. To change the distance between strikes, you will need to edit the width in the dropdown menu.
Alternatively, you can change the width in the order box below.
It is also possible to modify the option spread type from the order box by selecting the spread type menu.
Once you have selected the spread type and width that is appropriate for your strategy, make sure that you have the correct expiry date, quantity, and order type selected.
There are some order settings that you can make default through the trade settings menu. One of note is the option contract quantity. By default, it is set at 10 contracts per trade, but you can set it to any number that you wish.
Finally, if you would like to see a visualization of the risk profile of your chosen strategy, there is an option for that as well. An added bonus to using the visualizer is that all the associated order modification options are placed together to make things easier.
Differences Between Webull Trading Platforms
Depending on the Webull platform that you are accustomed to trading on, your experience can vary.
The desktop trading platform and mobile apps offer the same functionality. You can select the spread type that you want, adjust the width of the option legs, and leg out of complex strategies via the open positions screen.
The browser platform is another story, however. You can place options trades, but the selection for advanced strategies is missing. Therefore, it is advisable to use the desktop platform or mobile app if you would like to trade option spreads at Webull.
Pros and Cons of Trading Option Spreads at Webull
There are several reasons to enjoy the experience of trading option spreads at Webull, but there are also some areas that could use improvement.
Pros
Zero commission options trading is rare. At Webull, traders can make advanced option spread trades at no additional cost.
The automated spread population in the order chain is convenient and makes building advanced option spread strategies straightforward and easy.
The option spread risk visualization is simple yet effective.
Cons
Making adjustments to the legs of an order can be a bit tricky for traders new to the platform.
The lack of advanced option spread order placement on the browser trading platform is an inconvenience for some.
Webull Option Spreads Summary
Webull offers many great tools for trading option spreads in a convenient and informed way.
There are descriptions for each spread type available for anyone needing a bit of education on
the topic. Also useful is the simplified spread selection and modification options.
While it would be nice to have a bit more freedom in creating spreads (like selecting legs one by one to create spreads manually), all the necessary tools are available.
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Updated on 1/1/2025.
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