Rolling

ロール。既存のオプションを決済し、より先の期日や異なる権利行使価格で同様の建玉を建て直すこと。取引の延長やリスク管理に使う。

Rolling means closing an existing option position and opening a similar one at the same time, usually to buy yourself more time or a better strike. Instead of just letting a position expire or get assigned, you move it forward. Traders roll out (to a later expiration), roll up or down (to a different strike), or both at once.

A common case: you sold a covered call with a 50 strike expiring Friday, the stock has climbed to 52, and you don't want your shares called away. You buy back that call and sell a new one, maybe at a 55 strike a month out, often collecting extra premium in the process. The position stays alive with more room to breathe.

The mistake to avoid is rolling a losing trade over and over just to escape a loss. Each roll costs commissions and, more importantly, keeps capital tied up in an idea that isn't working. Rolling is a tactic, not a way to be right forever, so roll for a reason, not out of hope.

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