A type of order that allows an option trader to simultaneously buy or sell a number of different options that traditionally could only be achieved by placing separate orders. This type of order is primarily used in multi-legged strategies such as a straddle, strangle, ratio spread and butterfly.


This type of order gives the average option trader the ability to incorporate advanced options strategies that consist of many options by placing one order and only paying one commission. For example, one multi-leg order can be used to buy one call option with a strike price of $35 and one put option with a strike price of $35 (straddle strategy). Historically, this strategy could only be achieved by placing two separate orders (one for the call option and the other for the put option).