How To Spot and Analyze Multi-leg Transactions
In the Unusual Whales Flow Feed, there are a number of tags to give you at-a-glance context on individual orders in real time. In this case, we’re looking at “Multi Leg” transactions.
In the Flow
Any transactions that are involved in a multi-leg structure will display the up-down arrows in the column left of the ticker. In this case, we see two trades on $DECK, one on the $165 Call expiring 1/15/2027, and another on the $170 call of the same expiration. You can also toggle Single-leg or Multi-leg only in the Filters; in this feed, neither are toggled, but toggling one slider will completely omit the inclusion of the other.
Possibly Related Trades
To garner further information, we can click on those arrows to open a pop-out window displaying 1. The different contracts involved in the multi-leg transaction, and 2. A Strategy identifier that outlines potential strategies the multi-leg trade may represent.
In this case, we see an ask-side transaction on the $160C 01/15/2027 for $DECK, and a bid-side transaction on the $170C of the same expiration. At the bottom of the popout, we can see the possible strategies of the transaction, as well as a Profit and Loss representation of that spread.
This transaction suggests (but does not guarantee) the trader BOUGHT to open the $160C leg, and SOLD to open the $170C leg. This structure suggests that, of the various potential strategies this sort of transaction may represent, a Call Debit Spread is the most likely strategy involved in this multi-leg transaction.
The Options Profit Calculator
From here, we can go one step further in observing the potential profit and loss of this multileg transaction by clicking the blue button at the bottom, “Visualize the P/L in the Profit Loss Calculator”. This takes us directly to the Options Profit Calculator page, with both legs of the transaction pre-loaded, and you explore different PnL scenarios across time frames and price points in the underlying stock.
