You can conveniently roll over all options in your portfolio before their expiration. This enables you to continue with a specific strategy even after the original expiration date. So, let’s walk you through the process.
Roll Options in LYNX+
Rolling options involve closing your current option contract(s) and opening new one(s) with a later expiration date or a different strike price.
To close an option contract(s) in the LYNX+, go to the Portfolio section. Click on the three horizontal dots on the right of the option position you want to roll over and select Close Position.
Next, search for the underlying asset of the option in the search bar at the top right. After selecting the underlying asset, a detailed overview page will appear where you need to click on the Options tab to see the option chain.
Find your desired option(s) and click next to it the B-button to buy or the S-button to sell the option(s).
If you wish to create an option combo, simply click on the Create Option Combo button located below the option chain. Utilize the Add button next to each individual option contract to include them in the combo as per your preferences. Once you’ve compiled the desired option contracts, you will find the option combo displayed below the option chain. Finally, use the Create Order button to open the combo order ticket.
Roll Options in TWS
Within the TWS, simply click on Trading Tools in the menu bar, and then select Rollover Options. A pop-up window will appear, allowing you to make all the necessary settings.
In the upper section of the window you can select which option contracts are to display. You can also set the type of contract (calls or puts) to be rolled over. When you have made your selection, click on Refresh List to display all contracts that match your criteria.
From the resulting list, mark the option position(s) you wish to roll over in the Roll To column. To select a different option to buy or sell, click on the pencil icon next to the desired option position, which will open the Option Chains. Confirm your selection by clicking OK.
Next, click the Create Orders button. The system will automatically generate the necessary combination of orders to close the existing option contract(s) and open new one(s) with a later expiration date. Lastly, review and adjust the order parameters in the Orders panel before clicking Transmit to submit the order.
Roll Options in Mobile App
Navigate to the main menu and tap Option Exercise/Roll.
Simply tap on the option position you wish to rollover and then select Roll Position located at the bottom of the app.
Once you’ve selected the Roll Position option, you’ll be presented with Option Chains, where you can choose different option(s) to buy or sell.
By clicking the Roll Option button, located at the bottom of the app, an order window will appear, enabling you to configure the order parameters. To submit the order, simply use the slider.
Yes, rolling options involve paying fees for both closing the existing option contract(s) and opening new option contract(s) with longer expiry times.
- TWS: The option rollover order you created can be found in the Rollover Options window under the Orders panel. Click the C-button (Close) in the Status column to cancel the order.
The option rollover order can also be found in the Classic Trading layout in the Pending panel or in the Portfolio panel in the Orders section, where you need to click the C-button located in the Status column to cancel the option rollover order.
- Mobile App: Navigate to the main menu and select Transactions. Go to the Orders tab and locate the specific rollover order you wish to cancel. Tap on the order to open the order window. Use the slider within the window to close the rollover order.
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.
- TWS: To access this information, navigate to the menu bar and click on Trade History. Here, you will find all executed trades, including rollover options, for the specified period.
- Mobile App: Access the main menu and choose Transactions, then select the Trades tab and pick the desired date. Here, you will find all executed trades, including rollover options, for the specified date.
- Activity Statement: For a more comprehensive history, you can find information about rollover option(s) in the Trades section of your Activity Statement.