Broaden Your

Options Trading Experience

Get Started With Index Options

  • • 0 commission and 0 contract fees
  • • Free real time OPRA and Cboe Global Indices Feed
  • • Access to multiple trading strategies & smart trading tools
  • • Easy-to-use app, web and desktop platform

Index Options Trading is Now Available

S&P 500 Index Options

SPXXSPNanos
Contract multiplier$100$100$1
Underlying Index Value(Assuming S&P 500 is 4,170)4,170(S&P 500 index)417(1/10 of S&P 500 Index)417(1/10 of S&P 500 Index)
Contract value$417,000($100*4,170)$41,700($100*417)$417($1*417)

VIX Options

Turn Volatility to Your Advantage

The VIX Index is a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market, derived from real-time, mid-quote prices of S&P 500® Index (SPX℠) call and put options. Generally, the VIX Index tends to have an inverse relationship with the S&P 500 Index.

VIX options may provide market participants with flexibility to employ strategies in an effort to generate returns from relative pricing differences, or express a bullish, bearish or neutral outlook for broad market implied volatility.

*VIX Index Options are highly speculative in nature and not appropriate for every investor to trade. Please educate yourself on the VIX product before trading.

Historical Performance for the VIX Index

Get Free Stocks

When You Open and Fund a New Account

Terms & conditions

Pay No Contract Fees*

0 commissions, 0 contract fees, 0 assignment or exercise fees and no minimum deposit. No matter what options strategy or lot size you like, you'll never pay fees per leg.

Opening CommissionsTo Close
20 Puts/Callssingle legUS$20US$0US$0
20 Verticaltwo legsUS$40US$0US$0
20 Iron Condorsfour legsUS$80US$0US$0
*Webull does not charge commissions for trading options listed on U.S. exchanges. However, fees are still applied by certain regulatory agencies. Webull does not profit from these fees.

Complimentary Real-Time Market Data

OPRA data provides you Last Sale Reports, Quotes and other information for US Options. You can get real time OPRA data after opening an option trading account.

Cboe Global Indices Feed (formerly known as CSMI) is a streaming data service delivering real-time index values to market participants. Webull is now partnered with Cboe to provide Cboe Global Indices Feed when you sign up.

Choose Your Option Trading Strategies

11 option trading strategies to choose from on Webull, including single option, covered stock, straddle, butterfly, iron condor, etc.

Single Option
Single option or single-leg option is a very basic strategy which has only one leg. You buy a single option (long call, long put), or you sell a single option (short call, short put).
Covered Stock
A covered stock strategy consists of writing a call or put that is covered by an equivalent long/short stock position.
Straddle
A straddle is a neutral options strategy that involves simultaneously buying both a put option and a call option or selling both a put option and a call option for the underlying security with the same strike price and the same expiration date. There are two types of straddle strategy. A long straddle aims to make a profit when stock prices are expected to go up or down significantly and a short straddle earns a return when the stock prices are expected to stay stable or move in a narrow range near the strike price.
Strangle
A strangle is an options strategy where the investor holds a position in both a call and a put option of the same underlying security, same expiration date, but at different strike prices. A long strangle aims to make a profit when stock prices are expected to go up or down significantly and a short strangle earns a return when the stock prices are expected to stay stable or slight price change.
Vertical
A vertical strategy (vertical spread) involves the simultaneous buying and selling of multiple options of the same underlying security, same type (puts or calls), same expiration date, but at different strike prices.
Butterfly
A butterfly strategy is combined with either three calls or three puts with a ratio of 1-2-1, with a fixed risk and capped profit. It is a strategy when you perceive the volatility of the stock price to be low or high.
Condor
A condor strategy is a non-directional options strategy that limits both gains and losses while seeking to profit from either low or high volatility. There are two types of condor strategy. A long condor aims to make a profit when stock prices are expected to stay stable, and a short condor earns a return when the stock prices are expected to go up or down significantly. Both long and short condors can use either calls or puts, but they always use just one of them at a time.
Collar
A collar strategy is a strategy implemented to protect against large losses, but it also limits large gains. It a strategy when you expect the price of the underlying security will go up or down over the long term but are unsure of shorter term prospects.
Iron Butterfly
An iron butterfly strategy is combined with two calls and two puts which are spread out over three strike prices, all with the same expiration date. A long strangle aims to make a profit when stock prices are expected to go up or down significantly and a short strangle earns a return when the stock prices are expected to stay stable or slight price change. Both the potential profit and maximum risk are limited.
Iron Condor
An iron condor strategy is combined with two calls and two puts with four strike prices, all with the same expiration date. An iron condor aims to make a profit when stock prices are expected to go up or down significantly and a short iron condor earns a return when the stock prices are expected to stay stable or move in a narrow range. Both the potential profit and maximum risk are limited.
Calendar
A calendar spread is an option strategy constructed by entering a long in tandem with a short position on the same underlying asset but with different delivery dates.

Access to Smart Trading Tools

Intuitive interface & multiple research tools make it easy to use for all options traders.

Customizable Option Chain

Use customizable option chain and multi legs option quotes to make smarter decisions.

Real Time Option Greeks

Real time implied volatilities and Greeks powered by Cboe Hanweck is available streaming live on Webull mobile app.

Probability Analysis

Weigh potential risk of your trade against potential reward with Probabilities analysis.

Webull Advanced Desktop Trading Platform

Seamlessly switch between our app and desktop platform, allowing you to trade options conveniently. Webull desktop platform is designed for active traders who trade multiple products and require power and flexibility.

Start your option trading journey in 3 easy steps
1

Open an account

Open an account and get free stocks.
2

Fund your account

Deposit funds with any amount and get free stocks.
3

Option trading

Start option trading on Webull with free real time OPRA and index data.

FAQs

1. What are the differences among stocks, stock options and index options?

STOCKSSTOCK OPTIONSINDEX OPTIONS
DiversificationAccess shares of specific companiesAccess derivatives on shares of specific companiesAccess derivatives that follow specific indices
Settlement methodShares of companiesShares of underlying stockCash
Exercise styleN/AAmerican style (settle anytime)Mostly European style (settle only at expiration)
Tax TreatmentStandard capital gains tax treatment*Standard capital gains tax treatment*60% long term, 40% short-term capital gains*
*This is not tax advice. Please contact a tax professional for more information.

2. Is option trading available for IRA’s on Webull?

3. Why trade index options?

4. Can I exercise my options contract before the expiration date?

Disclosure:
Option trading entails significant risks and is not suitable for all investors. Only eligible accounts may trade options. Investors can rapidly lose their entire investment in a short period of time and incur permanent loss beyond their initial deposit. Please read the Characteristics and Risks of Standardized Options before trading options. Regulatory and Exchange fees apply to options trades. If you want to know more details related to options trading, please go to options Trading FAQ of Help Center.