Net vs Per-Leg Mode

Choosing between Net Strategy and Per-Leg Mode is one of the most impactful decisions in your exit configuration. It fundamentally changes how profit, loss, and trailing stops are calculated.

Net Strategy Mode

Monitors the combined cumulative P&L across all active legs. All exit rules (targets, stop-loss, TSL) operate on the aggregate portfolio value.

How It Works


Portfolio State:
  Leg 1: Buy 22000 CE     → P&L = +₹4,200
  Leg 2: Sell 22200 CE     → P&L = -₹1,800
  Leg 3: Sell 21800 PE     → P&L = +₹2,100
  Leg 4: Buy 21600 PE      → P&L = -₹400
                             ──────────────
  Net Portfolio P&L        = +₹4,100

Exit Rules (Net Mode):
  Target: +₹5,000    → Not reached yet (₹4,100 < ₹5,000)
  Stop-Loss: -₹3,000 → Not triggered
  
  Net reaches +₹5,000 → ALL 4 legs close simultaneously

When to Use Net Mode

Scenario	Why Net Mode
Iron Condors	Individual legs will naturally show profit AND loss. Only the combined P&L matters.
Straddles / Strangles	One side always loses. The strategy profits when the winner exceeds the loser.
Calendar Spreads	Near-term and far-term legs move differently. Net P&L is the true measure.
Any multi-leg spread	Evaluating legs individually would trigger premature exits on healthy positions.

Per-Leg Mode

Evaluates target and stop-loss conditions independently for each leg. Every leg can have its own exit parameters and close at different times.

How It Works


Portfolio State:
  Leg 1: Buy 22000 CE     → P&L = +₹4,200  → Hits ₹4,000 target → CLOSED ✅
  Leg 2: Sell 22200 CE     → P&L = -₹1,800  → Still within SL → OPEN
  Leg 3: Sell 21800 PE     → P&L = +₹2,100  → Hits ₹2,000 target → CLOSED ✅
  Leg 4: Buy 21600 PE      → P&L = -₹400    → Still within SL → OPEN

Result: Legs 1 & 3 closed at profit. Legs 2 & 4 remain active.

When to Use Per-Leg Mode

Scenario	Why Per-Leg Mode
Directional trades	Take profit on the main position while keeping the hedge alive
Legging out of spreads	Close the profitable leg, let the other run for maximum extraction
Different risk per leg	Tight stop on the risky leg, wide stop on the safe hedge
Partial position management	Exit high-risk legs early while maintaining exposure through safer legs

Side-by-Side Comparison

Feature	Net Strategy	Per-Leg
P&L calculation	Combined across all legs	Individual per leg
Exit trigger	One event closes everything	Each leg exits independently
Best for	Multi-leg spreads	Directional, “leg-out” strategies
Target/SL	Applied to aggregate P&L	Applied to each leg’s P&L
TSL	Tracks combined portfolio profit	Tracks each leg’s profit separately
Complexity	Simpler to configure	More granular control

The Trading Edge

Net Strategy Mode — Manages your complex spreads as one unified synthetic position. If the entire Iron Condor hits a ₹5,000 loss, it safely closes everything at once to prevent lopsided, runaway risks.

Per-Leg Mode — Perfect for directional traders. It allows you to “leg out” — sell the profitable branch at the exact peak while leaving the hedge running in case the market reverses deeply. Think of it as ruthlessly cutting dead weight while letting your runners soar.

Next Steps

Learn how to configure profit targets and stop-losses:

→ Next: Targets & Stop-Loss