Multi-leg options strategies

Build vertical spreads and iron condors in Nyria, and check the 4-leg limit before you deploy a bot.

A spread has defined risk only when every leg fills. If your broker rejects a protective long leg (not enough buying power, a halted underlying, an expired chain), you can be left with a naked short.

This guide builds the four vertical spreads and an iron condor from your own leg rules, then deploys a bot on them. For single calls and puts, see options. Calendars and diagonals can't be built: every leg of a Nyria strategy shares one expiration and one quantity.

Step 1: Confirm your broker supports the leg count

Pick your broker first.

Broker	Max legs per order	Notes
Charles Schwab	4
Tradier	4
tastytrade	4
Alpaca	4	On Alpaca options accounts.

Verticals, iron condors and iron butterflies all fit in 4 legs, and a structure that needs 5 or more can't be built. Every leg trades the same quantity, so a ratio spread, including a 1:2:1 butterfly, isn't supported either.

Broker setup:

Step 2: Create the strategy

In Nyria, go to My strategies and select Create strategy.

Fill in Strategy name, Strategy link and Alert source. This guide uses TradingView, which checks alerts through its own wizard and always picks contracts from your rules.

Select Next to reach the What it trades step.

Set Asset type to Options and Contract selection to From my rules. You set the spread's legs on the same step.

Step 3: Build a vertical spread (2 legs)

Every broker in the table above takes a vertical spread.

Bull call spread (debit)

In the Option legs section:

Leg 1: Buy, Call, 0.30 delta, 7-31 DTE
Leg 2: Sell, Call, Strikes from another leg: 5 Up from Leg 1

Bear put spread (debit)

Leg 1: Buy, Put, 0.30 delta, 7-31 DTE
Leg 2: Sell, Put, Strikes from another leg: 5 Down from Leg 1

Bull put spread (credit)

Leg 1: Sell, Put, 0.30 delta, 7-31 DTE
Leg 2: Buy, Put, Strikes from another leg: 5 Down from Leg 1

Bear call spread (credit)

Leg 1: Sell, Call, 0.30 delta, 7-31 DTE
Leg 2: Buy, Call, Strikes from another leg: 5 Up from Leg 1

In Nyria, Strikes from another leg counts strikes, not dollars. The dollar width depends on the underlying's strike increment: SPY is mostly $1, SPX $5, AAPL $1 or $2.50 depending on price.

Step 4: Build an iron condor (4 legs)

In the Option legs section, set all four legs:

Leg 1: Sell, Put,  0.20 delta,        7-31 DTE
Leg 2: Buy,  Put,  Strikes from another leg: 5 Down from Leg 1
Leg 3: Sell, Call, 0.20 delta,        same DTE as Leg 1
Leg 4: Buy,  Call, Strikes from another leg: 5 Up from Leg 3

Nyria doesn't close an iron condor on its own. Without an exit alert, the bot holds through expiration and the broker assigns anything in the money. See trading behavior.

Step 5: Choose the order type for entry and exit

For spreads, the bid/ask/mid picker uses the spread's combined bid and ask, not any single leg.

Order target	Use when
Bid	Entering a credit spread (selling to buyers). Fills most readily.
Ask	Entering a debit spread (buying from sellers). Fills most readily.
Mid	Either side. Slower fill, better price. Common on liquid underlyings (SPY, QQQ).
Custom	You want a fixed net credit or debit, for example "collect at least $1.20 net".
Alert price	Each alert carries the net price.

Exits work the other way round: close a credit spread by buying back at the ask, or at mid for a slower, better-priced exit. Close a debit spread by selling at the bid or at mid.

Step 6: Check the alert format

A bot can't be deployed until the format check passes.

On the strategy's Integration tab, paste an example alert for each enabled trade type. For TradingView this is the JSON payload your Pine script posts.

Select Check and save in the TradingView alert wizard (Check format on every other alert source). Nyria reads the alert and finds a contract for every leg in the option chain, without placing an order.

If the check fails, the error names the leg it couldn't fill in. Usually no expiration is listed inside the DTE range, so widen it, or an offset puts a leg past the listed strikes, so reduce the offset or use a more liquid underlying.

For the JSON the check and live alerts accept, see the webhook reference. It covers single-leg and multi-leg payloads.

Step 7: Deploy a bot

Open the strategy and select Deploy bot.

On the Size step, set Budget per entry. Each spread counts against it at its net debit for a debit spread, or its strike width for a credit spread, times 100, and the bot buys as many whole spreads as fit. A $1,000 budget opens two $5-wide credit spreads. If the budget can't cover one spread at current prices, the bot logs that one spread costs more than its budget per entry and skips the trade.

On the Account step, pick the broker account you confirmed in Step 1.

Select the button that names your account, like Deploy on Tradier (live). The bot is Active and acts on the next alert that matches its strategy.

Common mistakes

Adding a hedge to a 4-leg structure. The builder stops at 4 legs on every broker.
A DTE range that's too narrow. 7–7 DTE allows a single day, and if no expiration is listed that day, the entry fails. Use a range like 7–14 or 21–31, up to the maximum of 31.
Reading "Strikes from another leg" as dollars. It counts strikes. A 5-strike offset on SPX ($5 increments) is a $25-wide wing, a $2,500 max loss per contract before credit.

Options: the full strike selection reference.
Trading behavior: how entry and exit alerts work.
Webhook reference: every field Nyria accepts.
Schwab · Tradier · tastytrade · Alpaca: broker setup.

Multi-leg options strategies

On this page