Can I build a calendar spread in Nyria?

No. Every leg of a Nyria strategy shares one expiration.

Can I trade a 1:2:1 butterfly?

No. Every leg trades the same quantity, so ratio spreads are not supported.

Does the limit differ by broker?

No. The limit is 4 legs on every options broker.

Can I add a fifth leg as a hedge?

No. The builder stops at 4 legs.

Does Nyria close an iron condor on its own?

No. Without an exit alert, the bot holds through expiration.

Guide

How many legs can a Nyria options strategy have?

A Nyria options strategy takes up to 4 legs on every broker that trades options. Every leg shares one expiration and one quantity. Verticals, iron condors and iron butterflies fit. Calendars, diagonals and ratio spreads cannot be built.

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Official documentation

Nyria docs: Multi-leg options strategies

Check a spread fits Nyria

1
Count the legs
Write down every option leg the structure needs.
2
Check the limit
Four legs is the most the builder takes, on every broker.
3
Check the expiration
All legs must share one expiration.
4
Check the quantity
All legs must trade the same quantity.
5
Build it from your rules
Set Contract selection to From my rules, then add the legs.

What fits in 4 legs

A vertical spread uses 2 legs: bull call, bear put, bull put or bear call.
An iron condor uses all 4 legs: a short put spread and a short call spread.
An iron butterfly fits in 4 legs as well.

What cannot be built

Calendars and diagonals, because their legs expire on different dates.
Ratio spreads, including a 1:2:1 butterfly, because legs trade unequal quantities.
Any structure that needs 5 or more legs.

Which brokers take it

The limit is 4 legs per order on every options broker.
On Alpaca, the account needs options enabled.
Set up the broker first, then deploy the bot on it.

Adding protection

The builder stops at 4 legs, so a hedge cannot be added to an iron condor.
A spread has defined risk only when every leg fills.
If a protective long leg is rejected, a short leg can be left open at the broker.

Questions

Can I build a calendar spread in Nyria?: No. Every leg of a Nyria strategy shares one expiration.
Can I trade a 1:2:1 butterfly?: No. Every leg trades the same quantity, so ratio spreads are not supported.
Does the limit differ by broker?: No. The limit is 4 legs on every options broker.
Can I add a fifth leg as a hedge?: No. The builder stops at 4 legs.
Does Nyria close an iron condor on its own?: No. Without an exit alert, the bot holds through expiration.

All questions