long leg


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Long leg

The part of an option spread in which an agreement to buy the underlying security is made.

Long Leg

In an option spread, the portion that is a long position. For example, if a spread consists of a long position on one option and a short position on a similar option, the long position is called the long leg. It should not be confused with a leg in a swap.

long leg

The side of an option spread (that is, one option bought long and one option sold short) that an investor is long. With a spread that involves owning a June 20 put and being short a March 20 put, the June 20 put represents the long leg. Compare short leg.
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References in classic literature ?
Yashvin got up too, stretching his long legs and his long back.
She raised up a panel which was leaning against the wall, and showed a rude painting of a scraggy and angular fowl, with very long legs and a spotted body.
It took a far-sighted Pygmy, I can assure you, to discern his summit without the help of a telescope; and sometimes, in misty weather, they could not see his upper half, but only his long legs, which seemed to be striding about by themselves.
What a spectacle it must have been, to see this monstrous fellow sprawling in the air, face downwards, kicking out his long legs and wriggling his whole vast body, like a baby when its father holds it at arm's length towards the ceiling.
43 by Eleanor Vernon of Stockport Harriers on the long leg, and 12.
Solid runs from Dan Jarvis (12:03), John Ashcroft (24:15), and Jamie Webb (12:02) consolidated the silver medal position before Danny Clie regained Liverpool's lead with a terric long leg, which turned out to be the fastest overall leg of the day ahead of Mellor's in 22:34.
The final long leg of the competition was handed to Ian Hudspith, and the 44-year-old showed he still has lots to offer, for his stint was the team's fastest and the fifth fastest overall as he brought Morpeth up into second place behind high-flying Liverpool.
JOE MacDonald followed up his victory in the Wilmslow Half-Marathon by clocking the second-fastest long leg to help Cardiff AAC strike bronze at the English National 12 Stage Road Relays in Sutton Park, Birmingham.
Postal Service forged ahead with its American Treasures series by issuing the 10th entry, a Forever Stamp featuring Edward Hopper's sailboat painting, "The Long Leg.
And with such long leg feathers, the animals probably would have tripped all over themselves while walking.
But I was determined to walk and I went home in long leg braces.
Some, like frogs and kangaroos, have long leg that give them lots of leverage (the mechanical action of a lever, or springing machine).