Trading

Leg

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

Single option in a strategy

What is Leg?

Leg An individual option in a multi-option strategy. An iron condor has 4 legs. Legging in means entering legs separately rather than as a package.

Complete Definition

An individual option in a multi-option strategy. An iron condor has 4 legs. Legging in means entering legs separately rather than as a package.

Related Terms

Spread Multi Leg Order

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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