top of page
Slovník pojmů a strategií
pro obchodování opcí
Kompletní slovník opcí: strategie, pojmy, řecká písmena a postupy pro výpis opcí. Přehledně, srozumitelně, pro začátečníky i pokročilé. Naučte se obchodovat opce efektivně.
Position management
Advanced
Rolling
Modifying an existing option position — closing and opening a new option with the same underlying, but a different strike and/or expiration.
Detail
Rolling is the process of closing an existing option position and simultaneously opening a new option on the same underlying with a different strike and/or expiration. Rolling is used to manage and adjust open options — for example, if the underlying instrument moves against our position, or we want to extend the time (move the expiration). Rolling can be "forward" (forward roll — longer expiration), "close" (shorter expiry), to a different strike (adjust strike), or a combination. It helps reduce risk, increase premium, adjust the target, or time the move.
Rolling is a commonly used method in options for adjusting open positions. If the underlying moves against us, or we want to move our profit/loss to the next expiration, we close the current option and open a new one. Rolling can be vertical (changing the strike), horizontal (changing the expiration), or diagonal (changing both the strike and expiration). For example, if we have written a put option that is close to ITM and we do not want to be assigned, we can roll it to a longer expiration and perhaps a lower strike, thereby reducing risk and gaining additional premium.
Optimal conditions
Suitable if we want to extend the time, adjust the strike to the current price of the underlying, avoid assignment, obtain additional premium, protect profit or limit loss.
Max profit
It depends on the new position after rolling, generally: receiving another bonus or shifting the target.
Max loss
It depends on the new position. Rolling does not guarantee the elimination of the loss — sometimes rolling can only push the problem into the future.
Risks
Unguaranteed protection — rolling does not solve the problem, it only shifts the risk over time. It can lead to accumulation of losses.
Greeks
By changing the strike and expiration, we change Delta, Theta, Gamma, Vega.
Variations
Forward Roll, Vertical Roll, Diagonal Roll, Rolling Up/Down, Rolling Covered Call, Rolling Cash Secured Put.
Usage example
Rolling Covered Call: I have AAPL shares and a written call option with a strike price of $160, expiring in 7 days. The stock price has risen to $165. I close the call and write a new one with a strike price of $170 and expiring in 30 days. Rolling Put: I write a put on MSFT with a strike price of $300, the stock has fallen to $290. I roll over and close the old one and open a new one with a strike price of $290.
DTE
Rolling often pushes the expiration date back 7-45 days.
IV (implied volatility)
High IV = higher premium when rolling. Low IV = less efficient rolling.
Premium
Rolling can bring a new premium (credit) or require a payment (debit).
Margin
Yes, it depends on the new position.
Poznámky
Advanced options management, buys time for market correction. Important to have a plan.
Tags
rolling, position management, option exchange, rollover, roll, option rolling, forward roll, adjustment, strike adjustment, expiration change, prolongation, hedging
bottom of page