Leg

What Does Leg Mean?
1. Term describing an order entry technique used by brokers. A leg occurs when a broker executes contingent orders in separate phases, thus increasing the risk for price swings through time delays.

2. A description of different aspects in a combination option.

Investopedia explains Leg
1. An example is when a broker attempts to execute an option straddle order as two separate transactions. The possibility for profit and loss occurs though the fluctuating price of the options.

Sometimes referred to as a leg plant.

2. A straddle has two legs, one put and one call.