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What are the option trading levels and their terms and conditions?

For Long Calls in both Cash and Margin accounts, options will be liquidated if they are in-the-money upon expiration and there is not enough overnight buying power in the account to support the exercise. 

Clients are expected to close any in the money option position 35 minutes prior to market close or else it's subject to be either auto liquidated or exercised depending if there’s sufficient equity in the account to support exercise or not.  The cut-off time for submitting DNE instructions are up until the close on expiration date. Exercise requests are done on a best-effort basis as it is currently a manual process, please see instructions here.

For Long Puts in a Cash account, options may not be exercised if there are no underlying long shares to offset the entire exercise. For Long Puts in Margin accounts that do not hold the underlying shares, an exercise may be allowed if the account can support the resulting position. 

To learn more details about the terms and conditions of Options Trading on Webull please read the Webull Option Agreement. 

Level 3 Option Spread Trading and more multi-leg strategies are available now. 


Options trading entails significant risk and is not appropriate for all investors. Option investors can rapidly lose the entire value of their investment in a short period of time and incur permanent loss by the expiration date. You need to complete an options trading application and get approval on eligible accounts. Please read the Characteristics and Risks of Standardized Options and Option Spread Risk Disclosure before trading options.

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