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+78 Part II: Call Option Strategies 
+UTILIZING DIFFERENT EXPIRATION SERIES WHEN ROLLING DOWN 
+In the examples thus far, the same expiration month has been used whenever rolling­
+down action was taken. In actual practice, the writer may often want to use a more 
+distant expiration month when rolling down and, in some cases, he may even want to 
+use a nearer expiration month. 
+The advantage of rolling down into a more distant expiration series is that more 
+actual points of protection are received. This is a common action to take when the 
+underlying stock has become somewhat worrisome on a technical or fundamental 
+basis. However, since rolling down reduces the maximum profit potential - a fact that 
+has been demonstrated several times - every roll-down should not be made to a more 
+distant expiration series. By utilizing a longer-term call when rolling down, one is 
+reducing his maximum profit potential for a longer period of time. Thus, the longer­
+term·call should be used only if the writer has grown concerned over the stock's capa­
+bility to hold current price levels. The partial roll-down strategy is particularly 
+amenable to rolling down to a longer-term call since, by rolling down only part of the 
+position, one has already left the door open for profits if the stock should rebound. 
+Therefore, he can feel free to avail himself of the maximum protection possible in the 
+part of his position that is rolled down. 
+The writer who must roll down to lock in a loss, possibly because of circum­
+stances beyond his control, such as a sudden fall in the price of the underlying stock, 
+may actually want to roll down to a near-term option. This allows him to make back 
+the available time premium in the short-term call in the least time possible. 
+Example: A writer buys XYZ at 19 and sells a 6-month call for 2 points. Shortly there­
+after, however, bad news appears concerning the common stock and XYZ falls quick­
+ly to 14. At that time, the following prices exist for the calls with the striking price 15: 
+XYZ common, 14: 
+near-term call, l; 
+middle-term call, 1 ½; and 
+far-term call, 2. 
+If the writer rolls down into any of these three calls, he will be locking in a loss. 
+Therefore, the best strategy may be to roll down into the near-term call, planning to 
+capture one point of time premium in 3 months. In this way, he will be beginning to 
+work himself out of the loss situation by availing himself of the most potential time 
+premium decay in the shortest period of time. When the near-term call expires 
+3 months from now, he can reassess the situation to decide if he wants to write