Roll Options

Rolling options allows you to close an existing position and open a new one with a later expiry date or different strike price. This can be used to adjust a strategy or extend exposure beyond the original expiration. Below, you’ll find an overview of how to roll option positions using LYNX+, TWS, and the LYNX Trading App. Rolling options is considered a complex action that may involve multiple transactions and additional costs. Ensure you understand the implications before proceeding.

Roll Options in LYNX+

Rolling options involves closing your current option contract(s) and opening new one(s) with a later expiration date or a different strike price. This can be useful if you want to extend your position, adjust the risk/reward profile, or continue a strategy beyond the initial expiration.

Step 1: Close the existing option position

To begin rolling an option in LYNX+, go to the Portfolio section.
Click on the three horizontal dots on the right side of the option position you want to roll over, and select Close Position from the dropdown menu.

Step 2: Open a new option position

Next, use the search bar in the top right to look up the underlying asset of the option.
After selecting the asset, a detailed overview page will appear. Click the Options tab to view the option chain.

Find the desired new option(s) and use:

The B-button to buy, or
The S-button to sell the contract.

Optional: Create an Option Combination

If you prefer to roll into a combination strategy (e.g. a spread), click the Create Option Combo button below the option chain.

Use the Add button next to each contract to include legs in your new strategy.
Once you’ve selected your contracts, the combination will appear below the chain.
Click Create Order to open the order ticket, where you can configure the trade.options involve closing your current option contract(s) and opening new one(s) with a later expiration date or a different strike price.

Disclaimer
Options trading entails significant risk and is not appropriate for all investors. Trading options may expose you to substantial losses, potentially exceeding your initial investment. Investors must review and understand the Characteristics and Risks of Standardized Options before engaging in options transactions. Past performance is not indicative of future results. Seek independent financial, tax, and legal advice before trading options.

Roll Options in TWS

Within the Trader Workstation (TWS), rolling options is made easy using the built-in Rollover Options tool.
This function enables you to close your existing option contract(s) and open new one(s) with a different expiration date or strike, all in one streamlined process.

Step 1: Open the Rollover Options Tool

From the menu bar, select Trading Tools, then click on Rollover Options.
A pop-up window will appear, where you can configure your settings.

Step 2: Define Your Criteria

In the top section of the window, select the option contracts you want to display.
You can also define the contract type (calls or puts) and expiry range.
After setting your preferences, click Refresh List to display all available contracts that meet your criteria.

Step 3: Select the Roll

In the Roll To column, mark the option position(s) you wish to roll over.
To modify the selection (e.g., to pick a different strike or expiry), click the pencil icon next to the current position.
This opens the Option Chain, where you can browse and select the alternative contract(s).
Confirm your choice by clicking OK.

Step 4: Create and Review the Order

Once you’re satisfied, click Transmit to submit the order to the exchange.
Click Create Orders to generate the necessary instructions to close your current position and open the new one.
In the Orders panel, review the details and adjust order parameters if needed (e.g., limit price, quantity, time-in-force)

Roll Options in Mobile App

Rolling options on the LYNX Trading App is designed to be intuitive and efficient, whether you’re adjusting an individual leg or creating a new structure.

Step 1: Open the Rollover Function

Navigate to the main menu, then tap Option Exercise / Roll.

Step 2: Select the Option to Roll

Tap on the option position you wish to roll over.
Then tap Roll Position at the bottom of the screen.

Step 3: Choose the New Contract

This opens the Option Chain, where you can select one or more contracts to buy or sell as part of the new strategy.
Adjust your direction (Buy/Sell), strike, and expiry as needed.

Step 4: Finalise and Submit the Order

Once ready, use the slider to submit the order to the exchange

Tap Roll Option at the bottom of the screen to open the order window.

Configure your order parameters (e.g., quantity, order type, time-in-force).

FAQ

Is there a commission charged for rolling over options?

Yes. Rolling options involves two transactions: Closing the current contract(s), and Opening new contract(s). Standard transaction costs apply to both steps. For details, please refer to the fee schedule on your local LYNX website.

How do I cancel an options rollover order?

In TWS:

Go to the Rollover Options window and find the order in the Orders panel.
Click the C-button in the Status column to cancel the order.

Alternatively, in the Classic Trading layout, you can cancel the order via the:

Pending panel, or
Portfolio > Orders section.

In the Mobile App:

Go to Menu > Transactions > Orders.
Tap the specific rollover order to open it.
Use the slider to cancel the order.

Where can I find information that the option has been rolled over?

Information about option(s) that have rolled over in the last seven days is readily available on both the TWS desktop platform and the LYNX Trading mobile app.

In TWS:

Go to the Trade History section from the menu bar.
All executed trades, including rollover actions, are listed by date.

In the Mobile App:

Navigate to Menu > Transactions > Trades, and select the date in question.
You will see all completed trades, including those related to rollovers.

In the Activity Statement:

Open your Activity Statement and navigate to the Trades section.
Here, you’ll find a full overview of all rolled options within the reporting period.