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Cash-Secured Put Roll Calculator

What rolling a put down and out nets — and what assignment would actually cost you.

The put you have open

The put you'd sell instead

Rolling a put is buying time, and time has a price

When a put you sold goes in the money, you have three choices: take the assignment, close for a loss, or roll — buy this one back and sell another, usually further out and often at a lower strike. Rolling is the only one of the three that keeps the cycle alive, which is why it is tempting. It is also the only one that can be repeated indefinitely while the position quietly gets worse.

  • Net credit = new premium − buyback − fees.
  • Days added = new expiration − days already left.
  • Collateral = new strike × 100 × contracts. Rolling down frees a little of it; rolling out keeps it tied up longer.
  • Net cost if assigned = new strike − all premium collected ÷ shares. This is the number that matters, because it is what you would actually be paying for the stock.

Down and out on two contracts

Two $50 puts sold for $120 each are now $300 each to close, 4 days left.

Roll to the $47, 39 days out, for $250 each. Fees $4.

Net credit: $500 − $600 − $4 = −$104. A debit.

But the strike came down $3, and net cost if assigned is now $46.32 a share.

That is the real trade: $104 and 35 extra days, in exchange for $3 less exposure.

A debit roll is not automatically a bad roll

Paying to move a strike further from the money is often the right call — you are buying protection, not income. What matters is that you can see you are paying, and how much. The calculator will not annualise a debit, because there is no rate on money going out.

When to take the assignment instead

The wheel assumes you are willing to own the stock. If that is still true, assignment is not a failure — it is the next step, and it stops you paying to postpone something you were prepared for.

  • You still want the shares at that price. Take them and start selling calls. That is the strategy, not a fallback.
  • Each roll costs more than the last. That is the position telling you the market disagrees with your strike.
  • The credit only exists because you went far out. Three months for $60 is capital locked at a terrible rate.
  • You have rolled twice already. A third roll is usually a decision being avoided rather than made.

Related: rolling for the judgement, and the CSP take-profit calculator for the opposite situation — a put that is winning and might be worth closing early.

Rolling

Buying back and re-selling to buy time — and the honest test for whether it's helping.

Educational only

These figures come from the numbers you enter and standard options arithmetic. Nothing here is investment, financial, or tax advice, and a good-looking return says nothing about whether the underlying stock is a good idea.

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