Legged option spreads

Spreads that traders put on one leg at a time: a call spread, straddle, strangle, risk reversal or calendar bought and sold as two separate trades, or a cluster of out-of-the-money options bought or sold together. They don't show up as spread trades, so we find them in each day's single-leg option trades and check the next morning's open interest.

Friday, November 6, 2026

359

legged spreads in 120 stocks and ETFs

$105.8M

premium across them

high confidence (1,000+ contracts, legs within 30 minutes)

131

confirmed as new positions by open interest

also traded as a multi-leg order the same day

Bullish $28.4M (27%) Neutral $27.2M (26%) Bearish $50.3M (48%)

By kind of spread

Spread	Lean	Spreads	Contracts	Premium	High
Cluster Put Buying	Bearish	8	73,170	$18.0M	1
Cluster Call Selling	Bearish	21	65,611	$16.9M	4
Cluster Put Selling	Bullish	21	73,648	$15.1M	1
Bear Put Spread	Bearish	42	58,886	$11.2M	4
Long Strangle	Neutral	8	14,193	$6.0M	2
Bull Call Spread	Bullish	43	39,602	$6.0M	3
Short Put Calendar	Neutral	10	8,512	$4.1M	0
Bear Call Spread	Bearish	50	56,934	$3.9M	1
Cluster Call Buying	Bullish	17	65,622	$3.8M	3
Short Call Diagonal	Neutral	15	21,661	$3.7M	0
Bull Put Spread	Bullish	43	53,080	$3.4M	5
Short Call Calendar	Neutral	12	8,253	$3.2M	0
Long Call Calendar	Neutral	20	36,630	$3.1M	2
Long Put Calendar	Neutral	6	10,210	$2.3M	0
Long Call Diagonal	Neutral	8	9,842	$1.7M	0
Long Put Diagonal	Neutral	10	9,359	$1.2M	0
Short Strangle	Neutral	7	3,847	$878K	0
Short Put Diagonal	Neutral	7	7,683	$875K	0
Short Risk Reversal	Bearish	6	3,782	$394K	0
Short Straddle	Neutral	1	506	$134K	0
Long Risk Reversal	Bullish	4	3,636	$96K	0

Stocks with the most

Which stocks, which way

Members see the stocks with the most legged-spread premium, how much of it leaned bullish or bearish, and which ones had the same spread put on again within a week.

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The largest legged spread

Legs	Stock	Spread	Expiration	Lean	Contracts	Net	Premium	Signals	Stock
	↗	Cluster Put Selling 660 / 670	18-Dec-26	Bullish	18,566	$4.54 avg	$8.4M	High Mixed	735.29

See all 359 legged spreads from Friday, November 6, 2026

Members get every spread with its strikes, expiration, size and premium; whether open interest confirmed it as a new position; whether the same contracts also traded as one multi-leg order; whether the same kind of spread was put on in the same expiration in the week before; every leg's size, prices, timing and open interest; and the last 60 sessions.

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How we find legged spreads

What is a legged spread?: An options spread put on as separate trades instead of one spread order - buying one option and selling another a few minutes or hours apart, often to get better prices on each leg. Because each leg prints as its own trade, legged spreads look like ordinary single-option buying and selling unless you match the legs up.
How do you match the legs?: Two options of the same stock that traded heavily the same day, each clearly bought (most of its volume at or near the ask) or clearly sold (at or near the bid), in similar size, with prices and deltas that fit a spread. Verticals share an expiration; calendars share a strike across expirations; straddles, strangles and risk reversals pair a call with a put. A cluster is two or more out-of-the-money options of one type and expiration, all bought or all sold.
What makes one high confidence?: 1,000 or more contracts, with both legs starting within 30 minutes of each other. The next morning's open interest adds more: both legs up means new positions were opened. When the same contracts also traded together as one multi-leg order, that adds to the likelihood too.
Which way does a spread lean?: Bull call and bull put spreads, long risk reversals, and clusters of call buying or put selling lean bullish; their opposites lean bearish. Straddles, strangles, calendars and diagonals are neutral on direction - they're about how much the stock moves.

For research and education only, not a recommendation to buy or sell any security. Matching legs is an inference: a pair of trades can look like a spread without being one. Index options (SPX, NDX) are not included.