Glossary A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | 1 | 3 | 4 | 5 Definitions by InvestorWords.com   What is...? Wingspan The distance in strike prices between certain legs of a multi–legged options order, as specified below. Measured as a multiple of the strike interval for that particular option. For a butterfly or iron butterfly – The distance between each of the three strike levels in the order For a condor or iron condor – The distance between the strikes making up the ?wings? of the order (the outside pairs). This must be the same for both wings. The distance between the middle strikes (the inside pair) is known as the width. Copyright ©2009 by InvestorGuide.com. All Rights Reserved.