• Is a part or piece of a transaction or position. For example, in futures trading there is a long leg and a short leg to a spread position. See To Leg.
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| ||Unwind: Is the activity which reverses a position. If an investor was long an option spread then he would sell the position to close it. If the investor had a butterfly position in bonds, then she would have to offset each Leg or wing to remove the trade. Unwind can refer to Long Liquidation or Shortcovering activities.|
| ||Weighted spread: Is a strategy placed with more or multiple options bought or sold relative to the other Leg. See Ratio Spread and Back Spread.|
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| ||Lifting a leg|