Free calculator
Options roll calculator
See whether a roll is a net credit or debit, how far the strike moved, how much time was added and what the revised breakeven is.
Current position
Replacement position
Roll result
- Realized on close (per share)
- -$1.30
- Net roll (per share)
- $1.10
- Net roll (per contract)
- $110.00
- Cumulative credit (per share)
- $1.10
- Strike change
- -$5.00
- DTE extension
- 28 days
- Revised breakeven
- $88.90
- Incremental return on new strike
- 1.22%
A roll that collects more premium than it costs is a credit roll; one that pays to move the strike is a debit roll. Rolling down or out can defer a loss without removing the underlying risk.
Assumptions and limits
- One contract rolled into one contract.
- No early assignment, dividends or commissions are modelled.
What a roll actually does
A roll closes one position and opens another. The realized amount on the close and the premium on the replacement combine into a net credit or debit.
Rolling out adds time; rolling down or up changes the strike and therefore the breakeven. A credit roll is not automatically profitable: it usually defers risk rather than removing it.
FAQ
- Is a credit roll always good?
- No. Collecting credit while moving the strike further into risk can increase total exposure.
- How is the revised breakeven calculated?
- For a short put, new strike minus cumulative credit per share; for a short call, new strike plus cumulative credit.
- What is the DTE extension?
- The number of days the new expiration adds beyond the current one.