Webull Options Traders Pile Into Calls as Stock Tests 20-Day Line

Webull Corporation (BATS:BULL) drew 79% of its options premium into calls on November 13, while the stock pushed against its 20-day simple moving average from below. That's a heavily one-sided read from a name still down roughly 35% over three months, and the flow data tells you exactly where traders think the bounce goes next.

The tape came from GTA Terminal's wire read at 12:37 PM ET on Nov 13. Here are the raw numbers.

What did the options flow actually show?

• Volume: 11,628 calls vs 1,860 puts, a put/call volume ratio of 0.16.
• Premium: about $254K in calls vs $69K in puts — the 79% call lean.
• Open interest put/call: 0.19, built on 870,239 calls against 165,639 puts.
• The Jan 21, 2028 expiration alone pulled 81K contracts, 94% of them calls.

Three contracts stood out in the session print:

• Nov 20 $5 calls: 466 traded vs open interest of 4,767, roughly $17K.
• Jan 21, 2028 $7.5 calls: 179 traded vs open interest of 35,391, about $16K.
• Jan 19, 2029 $10 calls: 148 traded vs open interest of 2,478, near $16K.

Notice the pattern. Two of the three largest prints sit in 2028 and 2029 expirations, strikes at $7.50 and $10. Those are bets on a stock trading near $5.20 more than doubling over three to four years. The near-dated Nov 20 $5 calls are the quick tactical play on the current bounce.

Where is the price relative to the moving averages?

The stock traded near $5.20, up about 5% on the day, and pressed the 20-day SMA at $5.36 from below. It remains under every major longer-term average: the 50-day at $6.67, the 100-day at $7.24, and the 200-day at $6.70. The Nov 10 low at $4.74 matched the early-April lows, a level buyers have now defended twice this year.

Volume ran about 5.2M shares against a 20-day average near 9.2M — so the bounce is happening on lighter participation. RSI 14 sat near 40, curling up from the low 30s, which fits a momentum turn but doesn't confirm one.

What about dark pool activity?

Off-exchange share ran hot all week, per GTA Terminal:

• Nov 6: 51.4%
• Nov 9: 38.4%
• Nov 10: 39.3%
• Nov 11: 42.7%
• Nov 12: 50.0%, on 3.83M shares, versus a normal level of 45.7%

Institutional desks were active through the lows and into this push. Dark pool share above the 45.7% norm on the Nov 12 up-move, combined with the call skew, suggests larger players positioned for upside rather than hedging into it.

What does this change for traders?

The levels are clean, and GTA Terminal laid out the trigger conditions plainly. A daily close above 5.36 — the 20-day SMA and first resistance — with calls still near 80% of premium would confirm the bounce. Above that sits the 20-day high at 6.22. On the downside, a drop back under 4.74 puts the 52-week low at 4.50 in play, which the wire flags as the invalidation level for the long setup.

So what does this change for practitioners? It turns a vague "stock is bouncing" story into a defined test: the 20-day SMA at 5.36 is the line, the call flow at 79% is the positioning evidence, and 4.50 is where the thesis dies. Until the close above 5.36 arrives, the long-dated 2028-2029 call buying remains a leveraged vote of confidence that hasn't been proven on the chart.