<p>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.</p><h2>In the Flow</h2><figure class="image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdQtmPXMCf4vrSRDstKITww3jLMntIO-jfomFOsIchkLjiYAEdr9Y8w_6rqrvaU0bqqGGFrhETsyu6tR5lBy0i10gd356nyQUiX4zcH283BK0xqpR3oRxs81ltc9lCUk-DzhJpfYA?key=nUV9h7VByiqR4THRB85xqZUB"></figure><p>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.&nbsp;</p><h2>Possibly Related Trades</h2><p>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.&nbsp;</p><figure class="image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd6YHKTXl8ZuKsMpybwVej-tP_veMpUaXuTSmsxPvwoYuydUc4pHdIzEVjU7P5Ds4Z4FYnEp26J2-SxppfLl7xsjju8Uu5Y1O7M4lAZxCro2xsQ4JpEM5cRCrKOcL3u0pzS1bPDCg?key=nUV9h7VByiqR4THRB85xqZUB"></figure><p>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.</p><p>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.&nbsp;</p><h2>The Options Profit Calculator</h2><p>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.</p><figure class="image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfywpeZ7Y6uKGycSNx_hxLiWr0Zl-Hqf6OgAHO5RSCPre_F5kGedMe1R_hS77px9ZHEFB-Tk2IU33mNvmFlhLx5SoijzddCfai9TbhvrJAqMPGT6wpFji8YMsdNMoAz1oeduMULnA?key=nUV9h7VByiqR4THRB85xqZUB"></figure><h2>Related Articles</h2><ul><li><a href="https://unusualwhales.com/information/breaking-down-an-option-contract-chart">Breaking Down An Option Contract Chart</a></li><li><a href="https://unusualwhales.com/information/what-is-a-spread">What is a Spread?</a></li><li><a href="https://unusualwhales.com/information/a-deeper-look-at-long-straddles">A Deeper Look at Long Straddles</a></li></ul>

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