what is a roll back 
a roll back or roll backward refers to a derivatives trading strategy that replaces an existing position with a new one that has a nearer expiration date aside from the contract s expiration date other details are often not changed for instance a trader may roll back a september at the money call position to a june position with the same strike price traders use this strategy to cut out market risk and volatility in the short or long term option roll strategies sometimes called jelly rolls can take various forms including roll back roll forward roll up and roll down 