How to Use the Rolling Options Template

Rolling is one of the most practical skills for active option traders. Whether you’re locking in profits, managing a drawdown, or shifting exposure, the decision can change your risk profile. Our rolling options template for Excel helps you visualize the impact before acting, so every roll is based on clear numbers.

Getting Started with the Options Rolling Excel Template

The Rolling Options Template is available among our Option Samurai Excel tools (and you can find it linked at the bottom of this article). It’s built with a simple, step-by-step workflow so you can focus on decisions rather than formulas. The first thing you should do is head over to the “Instructions” tab:

The core structure includes two main tabs: “1-leg trade”, where you input your existing position and rolling choices, and “P&L”, which displays payoff and breakeven graphs. The logic is straightforward: compare your current trade with the rolled alternative side by side. By seeing how breakeven, P&L, and Greeks change, you get a clear picture of the trade-offs before committing to a roll.

In the next sections, we’ll guide you through a practical example on how to use

Step 1: Input Your Existing Position

Start in the “1-leg trade” tab:

This is where you set up the foundation of your analysis by entering the details of your current position. Begin from the table we labeled “Step 1”:

• Fill in the ticker
• Select your current position type (long call, long put, naked call, or naked put)
• Enter the strike price of your existing trade
• Specify the expiration date of the position you have opened
• Also, add the option price at which you opened the position 
• The table also requires you to enter the future expiration you want to evaluate for rolling. 

For instance, let’s say we have bought a put on AAPL (long put on AAPL) at $220 expiring on September 19th, 2025. Suppose we opened the trade at $3.10. Your table will look like this:

Accuracy here is critical: any small mistake can distort the results. As a best practice, double-check these inputs against your broker’s platform to ensure the numbers match before moving on to the next step.

Step 2: Verify Current P&L

Once your trade details are entered, the template automatically calculates your current P&L. We’re talking about the table labeled “Step 2”:

This step works as a checkpoint to confirm that your inputs are correct. Compare the P&L value shown in the template with the figures from your broker’s platform. If they align, you can be confident the analysis is accurate. If not, revisit your inputs and fix any discrepancies before continuing. 

This verification matters because all future rolling scenarios build on this baseline. Ensuring your analysis is grounded in correct data prevents costly errors and gives you a reliable foundation for decision-making.

Step 3: Evaluate Rolling Alternatives

After verifying your current position, move to Step 3. This is where you evaluate different rolling choices and see how they impact your strategy. Start by selecting the new strike you are considering. The template automatically displays the relevant option chain data for that strike, including implied volatility (IV), extrinsic value, and intrinsic value.

This is what this phase will look like:

You can also choose how to display this information using the “Table View” field:

• Difference old vs new: shows how the roll changes delta, theta, vega, IV, extrinsic, and intrinsic value compared to your current position.

• Future trade only: shows the standalone values of the option you would roll into, without comparison.

Reading these outputs depends on your position type:

• Long call: roll up/out to lock gains and reduce delta; roll down/out to defend a loss by regaining extrinsic value.
• Long put: roll down/out to lock gains and reduce absolute delta; roll up/out to defend a loss and increase protection.
• Naked call: to defend, roll up and out to collect more credit and reduce assignment risk; for profit management, roll out at the same strike or close.
• Naked put: to defend, roll down and out to collect more credit and lower delta; rolling up increases risk and should only align with a strong bullish view.

By experimenting with different strikes and table views, you can clearly see how each roll shifts your risk/reward profile and whether it fits your market outlook.

Back to our AAPL example, let’s say we select the $235 strike price. There are no scientific rules to select how to roll, but suppose in this case, with our losing long put, we want to buy the put option with the highest extrinsic value, as you can see below:

Notice that, on the left-hand side of the table, you can see the old breakeven point, the new breakeven point for the option you are buying, and the aggregated breakeven level of your strategy (considering both options). In other words, you will need AAPL to move below $222.54 by the expiration date to make money.

Step 4: Compare Old vs. New P&L

Next, go to the “P&L” tab. Here the template plots three payoff curves: your original position (yellow), the new rolled position (red), and the combined view (white): 

This makes it easy to see how rolling shifts your exposure in one chart. Breakeven points are easy to see even from a visual point of view, so you can evaluate whether the roll improves or reduces your probability of profit. For example, rolling a losing put forward typically lowers breakeven and extends time. The side-by-side curves help you judge which roll best matches your current market view.

Download the Template

DOWNLOAD THE EXCEL OPTIONS ROLLING TEMPLATE

Options Rolling Explained