What status can a complex instrument not have?

A complex instrument cannot have the status of "Executed." In trading, the term "executed" typically applies to individual trades or transactions that have been fully completed. However, complex instruments, which consist of multiple parts or leg positions, are generally characterized by their status being described in terms of their overall lifecycle rather than individual execution.

The status of a complex instrument can include "Open," indicating that it is currently active and awaiting further actions; "Closed," meaning that it has been completed or finished; and "Continuous," suggesting that it is maintained over an ongoing period without interruption. These statuses reflect the broader state of the instrument in relation to the market and its components instead of just the notion of execution. Thus, the designation of "Executed" does not appropriately apply to complex instruments as a whole.