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 ?
Jumping down, he watched it until the long legs stopped wiggling, when he knew it was quite dead.
Yashvin got up too, stretching his long legs and his long back.
don't wear such gentlemanly trousers-- you haven't got half such fine long legs," said Jonah to his nephew, winking at the same time, to imply that there was something more in these statements than their undeniableness.
He had very long legs, a yellow face, and a slight lisp, which at first was rather ridiculous.
There were sparrow hawks, with white breasts, and kestrels, and down the slopes scampered, with their long legs, several fine fat bustards.
Despite travelling back from America on Thursday and being in the middle of a heavy marathon block of training, Mellor sped round to the third fastest long leg of the day recording 25:47 to overhaul Notts and eventual silver medallists and English champions Bristol & West.
43) and Kai Sunman took on a long leg running well (50th, 31.
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.
And with such long leg feathers, the animals probably would have tripped all over themselves while walking.
The spring should be installed with its long leg to the rear with the pin through the coil and the coil facing upward.
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).