Trading

Roll

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

Close old position, open new

What is Roll?

Roll Closing an existing position and opening a new one, usually at a different strike or expiration. Rolling out extends duration; rolling up/down changes strike.

Complete Definition

Closing an existing position and opening a new one, usually at a different strike or expiration. Rolling out extends duration; rolling up/down changes strike.

Example

Your short $150 call is threatened. Roll up to $155 and out to next month for a credit.

Related Terms

Adjustment Management

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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