Option Strategies with Three Legs

The following is a list of all option strategies which consist of three legs.

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.

See also list of option strategies with 2 legs and 4 legs.

See list of all option strategies.

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