This is the most complete lower body exercise. Period. The lunge is basically a full range of motion version of walking thus adding strength, mobility and stability to your gait. In fact, I believe 10 minutes of continuous alternating or walking lunges should be a prerequisite to running for the same amount of time.
There was a time where I couldn’t do a single bodyweight lunge from debilitating knee injuries as a football player in my youth. But I fully committed to this exercise and built up to doing 1 hour of continuous walking lunges without stopping. This led to a shocking leg transformation using this simple bodyweight exercise.
I love to warmup with Self-Assisted Lunge Switches. Focus on driving the down knee underground to create space. The reverse lunge targets the glutes & hamstrings more, especially the sliding variation. The forward lunge hits the quads more. And the lateral lunge stresses the inner & outer hips and thighs more (and can also be done with sliders). My favorite variation is the see-saw lunge which is the best way to mimic walking lunges in small spaces.