Leg out refers to one side of a complex option transaction that means to close out, or unwind, one leg of a derivative position. ... This may involve either call and put options.

A leg is one component of a derivatives trading strategy in which a trader combines multiple options contracts or multiple futures contracts.

"On doctor's advice, Frank is not able to perform weekend 2 due to two fractures and a sprain in his left leg," representatives added. The cause and circumstances of his leg injury were unclear.