Sometimes you get in a situation where your options have lost value or gained a lot of value and you need to do something. That’s what I did last week.

If you remember from last week, I had sold calls on SOFI. The price of SOFI was pretty volatile last week, and then it dropped a lot at the end of the week. I’ll get into the details in a minute!

Rolling options is a strategy used by options traders to extend or adjust the terms of an existing options contract. This involves closing out an existing options position and simultaneously opening a new position with similar but different terms.

You can’t open a new position on a different stock, that’s not rolling.

Rolling means you adjust the:

• expiration date

• strike price

• or both

In this situation I did both. Details below.

Also, I didn’t trade any options for this week because they have an earnings call on Friday. It’s usually not a good idea to do options the week of earnings call, so I will just let it ride this week.