leggings

Noun

legging (plural leggings)

1. A covering, usually of leather, worn from knee to ankle.
2. Stretchy tight-fitting pants often worn by women or for exercise.
3. One of the legs of a pair of trousers.
   • Take the legging and turn up the cuff.
4. The process of putting a series of three or more options strikes into the stock market.
   • As a practical matter, you cannot put on these positions simultaneously at reasonable prices. In order to achieve these positions at a reasonable risk/reward profile, you must put the positions in a series of separate trades. This process is called legging.2000, Michael Williams, Amy Hoffman, Fundamentals of Options Market, McGraw Hill Professional, page 128