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Understanding Roll Dates in Futures Trading

Understanding Futures Contract Rollover

Futures contracts have a limited lifespan, concluding when they reach their expiration date. Each trading market sets its own expiration schedule, which can span across different times of the year, sometimes extending into the subsequent year. As the expiration date approaches, traders engaged in futures must decide to either:

a. Close their current position, or

b. Transfer (“roll”) their position to a subsequent contract for the same asset, thereby prolonging the period until expiration.

For more, see: 

Expiration Dates for Futures Contracts

Every futures contract is denoted by a specific product symbol, accompanied by its expiration month and year. (See: Futures Contract Month Codes)

The frequency of expiration varies among contracts; some conclude monthly, whereas others may do so quarterly. The “front month” contract—which is the one closest to its expiration date—is typically the most actively traded.

For instance, the Micro E-mini S&P 500 expiring in September 2024 would be indicated as MESU4 (or MES 09-24). Upon the expiration of the MES 09-24 contract, traders intending to maintain their positions would transition to the subsequent contract, such as MESZ4 (MES 12-24).

  • Tip: The expiration dates for E-mini & Micro E-mini equity index contracts are scheduled for the third Friday of every third month (March, June, September, and December).

Rolling Over Futures Contracts

Expiration may not be the only reason to rollover. Traders often opt to transition their contracts to stay in step with trading volume and assure sufficient market liquidity.

  • Tip: The bulk of trading volume typically moves to the next contract sometimes up to a week (or more) before the front month actually reaches the expiration date.

See how to roll over futures contracts in NinjaTrader in this 1-minute video:

Popular futures instruments, like those for equity indexes and major commodities, often have their contract expiration dates preset in trading platforms like NinjaTrader.

Cash Settled vs Physically Delivered

Futures contracts conclude either through cash settlement or physical delivery. With cash-settled contracts for which there is no physical asset involved (e.g., E-mini index futures), expiration results in a straightforward financial adjustment to the trader’s account.

On the other hand, contracts that stipulate physical delivery (e.g., those for commodities such as gold, oil, or soybeans, etc.) necessitate that traders either take delivery of or provide the specified commodity at expiration (depending on which side of the contract they were on).

Although taking physical delivery is a possibility, it is a route typically bypassed by traders, who prefer to close out or roll over their positions to avoid such an outcome.

Black Belt Trading's Futures Contract Rollover Dates List

Bookmark Black Belt Trading’s Futures Contract Rollover Dates page to reference exact dates on the most popular futures contract rollovers.

Explore the rest of the site to discover the key to successful trading with tools like the rollover date calendar.

Risk Disclosure:

Futures and Forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one’s financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

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