Rolling Options Calculator

Separate old-position P/L from the cash flow and breakeven of a replacement option.

How to use this tool

Positive cash received means credit; negative means debit. Old-position fees include opening and closing charges. New-position fees cover opening the replacement, with no assumed future close. Same option type, side and quantity are retained.

Lifecycle breakeven includes the realized old loss or gain and all entered cash flows. It is a root in the new option’s exercise region, not a claim that a roll erases a loss. If the root is outside that region, the tool reports no isolated breakeven or a flat breakeven range.

Higher strike is roll up; lower is roll down. More remaining days is roll out. Assignment, underlying share holdings, taxes and bid/ask execution are outside this single-option cash-flow calculation.

Worked example

A short call originally sold for $3, bought back for $5 and replaced with a $6 call realizes a $200 loss and receives $100 roll credit per 100-unit contract. Cumulative credit is $400 before fees.

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Model references and conventions

365 calendar days per year. Continuous rates for theoretical pricing. All examples are illustrative.