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Pro Tips · Jul 16, 2026

Rolling an option is two trades, not a reset button

A net credit can hide a realized loss on the old contract and a fresh obligation on the new one. This worked example separates the close, the new open, collateral, assignment risk and the journal math.

PRO#wheel#options-education#rolling#risk-management#trade-journal
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A historical stock ticker machine with paper tape and mechanical printing parts under a glass dome.
Jaclyn Nash · Smithsonian NMAH · public domain via Wikimedia Commons

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YieldCove Desk

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4 min read

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A roll can appear as one line on a broker ticket, but the economics are two separate transactions. The old option is closed at today's market price, which locks in its gain or loss. A different option is then opened with a new strike, expiry,…

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