The following is a list of all option strategies which consist of three legs.
- Bear Call Ladder (also Short Call Ladder)
- Bear Put Ladder (also Long Put Ladder)
- Bull Call Ladder (also Long Call Ladder)
- Bull Put Ladder (also Short Put Ladder)
- Covered Short Straddle
- Covered Short Strangle
- Long Call Butterfly
- Long Put Butterfly
- Short Call Butterfly
- Short Put Butterfly
- Synthetic Long Straddle
- Synthetic Short Straddle
Note: The call and put butterflies are sometimes considered to have 4 legs, because the middle strike has double position size. But in fact, they only involve three different strikes and three different options, so 3 legs is more correct. On the contrary, iron butterfly has 4 legs, as there is a short call and a short put at the middle strike. All condors (call, put, iron) also have 4 legs.