What Is a MultiLeg Options Order?

What Is a Multi-Leg Options Order?

A multi-leg options order is an order to simultaneously buy and sell options (both call and put depending on the strategy) with multiple strike prices and/or expiration of the underlying asset.

Essentially a multi-leg options order makes the life of the trader easier by allowing him/her to place all the orders needed to deploy a strategy in one go rather than placing individual orders. Thus, saving the trader not only time but also money as deploying orders separately might sometimes require the trader to block more margin while deploying them together will result in having the upfront reduced margin as a benefit.

Multi-leg options orders are used by traders to execute complex trades with the intent of taking advantage of market conditions in order to earn a profit. 

As multi-leg option strategies are complex in nature, a trader can simply use the Upstox Readymade Options Strategies to get an idea of the resultant payoff if the strategy is deployed. This helps the trader to make informed decisions.

Multi leg option strategies

Some of the multi-leg option strategies are:

  • Long iron condor 
  • Short iron condor 
  • Long iron butterfly 
  • Short iron butterfly
  • Vertical spreads 
  • Box spread trading strategy
  • Calendar spread strategy

Multi leg options order example:

Let's take an example of the Long call iron condor strategy with the underlying Nifty. Nifty is currently trading at 18,550.

Now for a long call iron condor,the options having the same underlying and expiration but different strike prices are used. It is deployed by selling ITM and OTM call options and buying further ITM and OTM call options.





Premium ()

Long Call Condor


Buy call

18,400 (strike 1) -220

Sell Call

18,500 (strike 2) 140
Sell Call 18,600 (strike 3)


Buy Call 18,700 (strike 4)




Net Premium


This multi-leg order has resulted in a debit spread as there is a net premium outflow of ₹40.

Now by executing this as a multi-leg order it is easier to keep track of.  

Now traders tend to use only a select few strategies in the market. However after analysis if a trader figures the market trend to be one of these; bullish, bearish,neutral or volatile, then Upstox has got your back! You can simply use the Readymade Options Strategies by Upstox to understand various strategies that can be used with that view by simply predicting the market direction and the expiry that the trader wants to trade in. Then a list of Readymade option strategies appears for the trader to browse through.

For instance, according to his analysis a trader has a bullish outlook on Nifty50 and wants to deal in option contracts with monthly expiry. After he inputs this information in the Readymade option strategies, he gets a list of strategies. Out of them he selects Bull call spread as it is a risk-defined strategy with limited profit and limited loss potential. It is created by purchasing an ITM call  and selling an OTM call option. 

As Nifty50 is currently trading at 18,650. Readymade option strategies suggests that a Bull Call spread can be initiated by buying a call option at ITM Strike of 18,600 at ₹106 and shorting an OTM strike of 18,800 at ₹38.



Index Action Strike


Bull Call Spread


Buy Call 18,600 (strike 1) -106
Sell Call 18,800 (strike 2)



Net Premium



This results in net outflow of premium of ₹68. It is at the discretion of the trader if he decides to use this suggestion or not.