Rolling an option means closing an existing options position and opening a new one with a different strike price, expiration date, or both. Traders roll options to manage risk, extend a trade, or adjust to changing market conditions. For example, if a covered call is close to being exercised, a trader might roll it to a later expiration to collect more premium. Rolling can be done for a credit or a debit, depending on how the new contract compares to the old one.<figure class="image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfEMo2i2CM6Mb6EYJiIl8n9eRSJPPSa8-jh8rn6j1SvPfm6vzW5d-j61p5gUBVhPUc6-zH18sKvf-79zXaRi1eGlWc5xtgcXgYFcsD2XsPSJUjDCW8kaG43a258aztzcL7WQOepQQ?key=OuRNKqXCjiEXs7x4VW3NNw"></figure>In this example, we see an existing position in the $RIOT 15c 2/21/2025 exit their 30,000+ contract position, while simultaneously opening the $14C &nbsp;3/21/2025. This is an example of the trader rolling their contract down (to a lower strike), and out (to a further dated expiration date).

A definition of an option roll/rolling a position with an example from the flow

Roll (Rolling an Option)

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