Rollover
Closing an expiring futures position and reopening it in the next contract month.
Definition
Rollover is the act of carrying a futures position forward by closing the near-month contract before it expires and simultaneously opening the same position in the next month. On NSE, derivatives expire on the last Thursday of the month, so rollover activity concentrates in the days leading up to expiry. The rollover percentage measures how much open interest was carried forward versus allowed to expire.
Why it matters
Rollover data is a widely watched sentiment gauge. High rollover suggests conviction — traders want to keep their exposure rather than book out at expiry. The cost of rolling depends on the basis and cost of carry between the two months. Watching rollover alongside open interest and price helps separate fresh positioning from mere expiry housekeeping.
Formula
Rollover % = Next-month open interest ÷ (Expiring-month + Next-month open interest) × 100, measured around the expiry session. Conventions vary slightly by data provider.
Example
Suppose a stock has 10,00,000 shares of open interest in the expiring month and, near expiry, 8,00,000 of that has shifted into the next month. Rollover is roughly 80 percent, indicating most holders chose to carry their positions forward rather than square off.
See it live
Track open interest and expiry behaviour in real time alongside the live option chain on TradePulse.