Multi-Leg
A Multi-Leg trade is one that consists of two or more legs. A multi-leg trade can consist of options trades as well as stock.
Buying a call would be a single leg trade. Opening a call debit spread (buy one call, sell one call of a higher strike) would be a multi-leg trade with two legs.
Another example of a 2-legged options trade would be a straddle, which involves both a call and put option.
An example of a 3-legged options trade would be a long call butterfly, which involves 3 call options of varying strike prices.
An example of a 4-legged options trade would be a short iron condor, which involves 2 call options of varying strike prices as well as 2 put options of varying strike prices.
By definition a Roll is also a multi-leg trade.
Multi-Leg trades can be identified in the flow feed by both the symbols preceding the ticker or by the prefix ‘ML’ in the ‘code’ column.
You can learn more about spotting multi-leg trades in the Flow Feed by watching the YouTube video on shortcut links.