Strategy

Spread

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

Multi-leg options position

What is Spread?

Spread A multi-leg position with options at different strikes and/or expirations. Spreads have defined risk and reduced capital requirements compared to naked options.

Complete Definition

A multi-leg position with options at different strikes and/or expirations. Spreads have defined risk and reduced capital requirements compared to naked options.

Related Terms

Vertical Spread Calendar Spread Diagonal Spread

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 →

Want to Learn More?

Explore our educational resources and analytics tools to deepen your understanding.

Learning Center

Speed (Third-Order Greek) All Terms SPX Options

Learn Options Trading

Understanding Options Greeks Implied Volatility Guide How to Trade Options 0DTE Options Trading Options Glossary Strategy Guides Learning Center

Explore More Tools

Options Chain Real-time Greeks Greeks Heatmap Visual analysis Volatility Lab IV analysis Strategy Simulator Test strategies IV Intelligence 3D visualization Options Screener Find opportunities Historical Data Past snapshots Earnings Historical moves & IV 0DTE Analytics Same-day expiration