Options Roll Calculator
Your short put is in trouble and you're thinking about rolling it. Plug in the put you have and the one you'd roll into. You'll see whether the roll pays you or costs you, where your new breakeven lands, and what the return looks like. Everything runs in your browser.
Plug in your numbers to see how rolling changes your breakeven, net credit, and return.
Log the roll in Flow Proof's free trade blotter, and its AI will tell you whether to roll, close, or take assignment next time.
Track Your Rolls Free →This calculator is for educational purposes only. Results are estimates based on the inputs you provide and do not account for commissions, assignment fees, early exercise, or changes in implied volatility. Not a trade recommendation.
How to Read the Results
Roll credit/debit is what this one roll pays or costs per share. Green means you're getting paid to extend the trade. Red means you're paying for more time, which is usually a sign to close instead.
Total net credit is everything you've collected on the position after the roll. It's what sets your breakeven.
Breakeven, before and after tells you how far the stock can fall before you lose money. A good roll lowers it. If it barely moves, the roll isn't doing much for you.
The rules I follow: roll only for a credit, only when I'd still be happy owning the stock at the new strike, and no more than two or three times before cutting it. The full reasoning is in the guide to rolling options.
Frequently Asked Questions
How do you calculate an options roll?
A roll is two trades: buy back the option you're short, then sell a new one. The roll credit is the new premium minus the buyback cost. Add it to the premium you collected the first time to get your total net credit. For a put, your new breakeven is the new strike minus that total credit.
Should I roll for a debit?
Usually not. Paying to roll means you're spending money to stay in a trade that's already going against you. If the only way to roll is for a debit, compare it honestly with closing the trade, taking the loss, and starting a fresh position.
What does rolling forward mean?
Rolling forward (or rolling out) means moving to a later expiration, usually at the same strike or a lower one for puts. You buy more time and, if done for a credit, lower your breakeven.
How is the annualized return calculated?
Total net credit divided by the new strike gives your return on the cash securing the put. That's scaled by 365 divided by the new days to expiration. It's a rough way to compare rolls of different lengths, not a promise of what you'll earn.
Does this work for covered calls?
The credit and debit math is the same: new premium minus buyback cost. The breakeven line is written for cash-secured puts, so for a covered call, focus on the roll credit and total net credit.