Strategy lesson · Custom · custom
Custom 4 Legs Explained
Four-leg builder ideal for iron condors, iron flies, and double diagonals.
How a Custom 4 Legs is built
Four independent option legs.
- Leg 1: buy put · strike template 90 · premium ~1 · 1 contract(s)
- Leg 2: sell put · strike template 95 · premium ~2.2 · 1 contract(s)
- Leg 3: sell call · strike template 105 · premium ~2.2 · 1 contract(s)
- Leg 4: buy call · strike template 110 · premium ~1 · 1 contract(s)
Risk & reward snapshot
| Market bias | custom |
|---|---|
| Max profit | Structure-dependent. |
| Max loss | Structure-dependent. |
| Breakeven | Chart-driven. |
Figures are conceptual for the classic structure. Your actual premiums, strikes, and fees change the numbers — confirm on the calculator.
When traders use it
- Standard four-leg income or volatility structures with custom strikes.
Key risks
- Mis-ordered strikes can invert risk — always plot.
Practical tips
- Load iron condor preset first, then tweak wings.
Practice on the calculator
- Open the Custom 4 Legs calculator.
- Load a symbol and option chain; fill realistic mid premiums.
- Review max profit, max loss, breakevens, and the date × price heatmap.
- Change strikes and DTE to see how risk shape shifts.
FAQ
What is a Custom 4 Legs?
Four-leg builder ideal for iron condors, iron flies, and double diagonals.
What is the max loss on a Custom 4 Legs?
Structure-dependent.
When should I use a Custom 4 Legs?
Standard four-leg income or volatility structures with custom strikes.