How To Roll A Multi-Legged Options Position
To "roll" an option is to change a long or short contract's expiration date and/or strike price. This is done in one action but involves simultaneously closing a current position and opening a new one with the different strike or expiration. Example: Rolling a short put spread involves buying to close both existing positions and selling to open two identical ones further out in time or at a different strike prices. These are the steps to rolling a multi-legged option (the example will be rolling a short put spread.
1. Rolling to a new expiration date
Right-click on the option position line on the chart to open the close menu
Choose Roll {position} from the menu for the first leg of the position
This places an order ticket for an identical option position on the chart with the next available expiration date automatically selected
If no further changes are desired, click Submit Roll and then Place Order on the confirmation screen to roll the option leg
(Optional) To select a different expiration date, either use the arrows or the expiration drop down in the order ticket to select the preferred expiration date. (Once the expiration is selected, Submit Roll and then Place Order on the confirmation screen as noted above.)
Important: To replicate the entire multi-legged position, repeat the steps above for rolling each leg of the position.
2. Rolling to a different strike price
Right-click on the option position line on the chart to open the close menu
Choose Roll {position} from the menu for the first leg of the position
This places an order ticket for an identical option position on the chart with the next available expiration date automatically selected
Click and drag the blue limit line up or down to the new strike price desired
(Optional) To select a different expiration date, either use the arrows or the expiration drop down in the order ticket to select the preferred expiration date. (Once the expiration is selected, Submit Roll and then Place Order on the confirmation screen as noted above.)
If no further changes are desired, click Submit Roll and then Place Order on the confirmation screen to roll the option leg
Important: To replicate the entire multi-legged position, repeat the steps above for rolling each leg of the position.
Rolling forward, up or down can be combined in any way. For example, a long call could be rolled out to a further expiration and up to a higher strike at the same time.
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