Is the short strike of your iron condor or strangle being tested and you need to roll up your untested puts or roll down your untested calls? If this sounds like your position and you need help then continue reading!

Continue on if you’re wondering how to roll up your put(s) or call(s) for:

• Strangle - a short call & a short put
• Iron Condor - a short call spread & short put spread
• Iron Condor with an overlapping leg - turning a leg that was once short as long

The built-in rolling function only looks out to further dates and not the same expiration cycle. That said, no need to worry! Since a rolling order consists of a closing order and an opening order you can get a head start by lining up a closing order first then re-establishing within the table view of the Trade tab.

If you're looking to roll an iron condor to a further date instead, then please click here.

Rolling Up/Down a Strangle

1. To roll your untested leg, start by heading to the Positions tab. 
2. Locate the untested leg, click to highlight, and right-click on the highlighted position. A menu will appear, mouseover to ROLL STRIKES and select UP (short puts) or DOWN (short calls).
3. You’ll be sent to the Trade tab and a rolling order will line up in the order ticket.
4. Roll Up or Roll Down will line an order to roll into the next available strike. You may adjust your strike by clicking and dragging the short leg.
5. Lastly, you may enter a price and send the order.

Please follow the illustrated step-by-step instructions below. In the example below, we’ll roll UP the short 95 strike put to a short 100 strike put on a ROKU strangle.

Rolling Up/Down an Iron Condor

1. To roll your untested legs, start by heading to the Positions tab. 
2. Locate the untested legs, click to highlight, and right-click on the highlighted positions. A menu will appear, mouseover to ROLL STRIKES and select UP (short puts) or DOWN (short calls).
3. You’ll be sent to the Trade tab, and rolling order ticket will populate below.
4. Roll Up or Roll Down will line an order to roll into the next available strike. You may adjust your strikes by clicking and dragging.
5. Lastly, you may enter a price and send the order.

Please follow the illustrated step-by-step instructions below. In the example below, we’ll use a short AAPL iron condor with the call side tested. Here, we’ll roll the short put spread from -180/+150 to the next available strikes (-185/+155).

Iron Condors with an Overlapping Leg

Do you have a short spread with a leg that is short, but now needs to be a long leg? Rolls that include a leg that requires a change in direction (for example, going short to going long) requires two separate orders. First, a closing order then a re-establishing order.

1. To roll your untested legs, start by heading to the Positions tab. 
2. Locate the untested legs, click each leg to highlight, right-click in the highlighted area, and select CLOSE POSITION  . 
3. You’ll be sent to the Trade tab, a closing order will populate below.
4. Enter your closing price, click Review & Send to review, then click Send Order to route the order.
5. Now, return back to the Table view of the Trade tab, select your new short strike by clicking the BID side of the strike, then for the long leg click the ASK side of the strike. Assuming that the spread width remains the same, the rolling trade will not require any additional buying power.
6. After lining up your new order, enter your price, and route the order.

Please follow the illustrated step-by-step instructions below. In the example below, we’ll use a short June 15 +117p/-120p/-123c/+126c iron condor on TLT with the put side tested. What’s unique about this situation is that we’ll be turning the original short 123 call into a long position. This requires closing the short call spread first and then re-establishing the short spread.