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Investopedia explains 'Leg Out'
Legging in and out can be done for many different types of options positions. Investors can leg out of strips, straps, spreads, straddles and strangles, among other positions. Legging out is done when the investor is ready to close the position. A leg simply refers to one part of the transaction, such as a straddle which has two legs made up of two options.
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