Leg

Leg refers to a component of an option strategy, most often one or more contracts involving buying or selling a call or put.

With option strategies that are composites (e.g. an Iron Condor which is a Credit Spread comprising a Bull Put Spread and a Bear Call Spread) it can also refer to one of the components taken as a whole (i.e. both Long and Short sides) rather than being broken down further.

See Leg In and Leg Out also.