Substituting a far option for a near option on the same underlying instrument at the same strike price; also to roll forward or roll over.
Roll Down: Close out options at one strike and simultaneously open other options at a lower strike.
Roll Down: Close out options at one strike and simultaneously open other options at a lower strike.
Roll Up: Close out options at a lower strike and open options at a higher strike.
Rolling: A follow-up action in which the strategist closes options currently in the position and opens other options with different terms, on the same underlying stock. Variations of this include rolling up, rolling down, rolling out and diagonal rolling.