Strategy lesson · Custom · custom
Custom 8 Legs Explained
Maximum multi-leg canvas for complex books of options on one underlying.
How a Custom 8 Legs is built
Up to eight legs.
- Leg 1: buy put · strike template 80 · premium ~0.4 · 1 contract(s)
- Leg 2: sell put · strike template 90 · premium ~1.2 · 1 contract(s)
- Leg 3: sell put · strike template 95 · premium ~2 · 1 contract(s)
- Leg 4: buy put · strike template 100 · premium ~4 · 1 contract(s)
- Leg 5: buy call · strike template 100 · premium ~4 · 1 contract(s)
- Leg 6: sell call · strike template 105 · premium ~2 · 1 contract(s)
- Leg 7: sell call · strike template 110 · premium ~1.2 · 1 contract(s)
- Leg 8: buy call · strike template 120 · premium ~0.4 · 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
- Power users modeling intricate positions.
Key risks
- Hard to manage live; easy to mis-size risk.
Practical tips
- Prefer decomposing into simpler spreads when possible.
Practice on the calculator
- Open the Custom 8 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 8 Legs?
Maximum multi-leg canvas for complex books of options on one underlying.
What is the max loss on a Custom 8 Legs?
Structure-dependent.
When should I use a Custom 8 Legs?
Power users modeling intricate positions.