Leg

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Leg

A prolonged trend in stock market prices, such as a multiple-period bull market; or, an option that is one side of a spread transaction. See: Lifting a leg.

Leg

In a swap, the individual future cash flows that are swapped. The legs are calculated over a notional principal amount, which is not exchanged between the counterparties. Thus, in a swap, the only things traded are the two legs, which each party pays the other at set intervals over the life of the contract. For example, in an interest rate swap, one party may agree to pay the other a fixed interest rate over a notional value while the second party may agree to pay a variable interest rate over the same notional value. In this case, the fixed interest rate and the variable interest rate are the swap's two legs.

leg

One side of a combination option. See also leg lifting, leg on, long leg, short leg.
References in classic literature ?
So I went to a tinsmith and had him make me a new leg out of tin.
The Saw-Horse now became quiet, and held its legs rigid; so that Tip, after several efforts, was able to roll him over and set him upright.
Only I could not become a guard because I was lame of one leg and Tiger-Face would not have me.
For, the moment the spur touched him, his left hind leg had reached forward in a kick that struck the stirrup a smart blow.
This was as exasperating as the real thing, for each time Daylight was fooled into tightening his leg grip and into a general muscular tensing of all his body.
The clay pipe smoked utterly out, the old black, by aid of the crutch, with amazing celerity raised himself upstanding on his one leg and hobbled, with his hippity-hop, to the beach.
There's nothing against him yet,' returned the man with the wooden leg.
Will have a thing done, I will have it done,' repeated the man with the wooden leg.
Then he stretched himself out behind a snuff-box that lay on the table; from thence he could watch the dainty little lady, who continued to stand on one leg without losing her balance.
She remained on tip-toe, with both arms outstretched; he stood steadfastly on his one leg, never moving his eyes from her face.
Then, the night you're ready, fetch the leg a kick, down she goes; slip off your chain, and there you are.
And what would you want to saw his leg off for, anyway?