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training_data/curated/text/b66f00f723a21c58704addd984338d416e7ab6638dc68df74037e18780f7eb3b.txt

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+The options in this spread all share the same strike price, but they involve
+two different months—April and May. In this example, the trader is long
+synthetic stock in April and short synthetic stock in May. Like the
+conversion, reversal, and box, this is a mostly flat position. Delta, gamma,
+theta, vega, and even rho have only small effects on a jelly roll, but like the
+others, this spread serves a purpose.
+A trader with a conversion or reversal can roll the option legs of the
+position into a month with a later expiration. For example, a trader with an
+April 50 conversion in his inventory (short the 50 call, long the 50 put, long
+stock) can avoid pin risk as April expiration approaches by trading the roll
+from the above example. The long April 50 call and short April 50 put
+cancel out the current option portion of the conversion leaving only the
+stock. Selling the May 50 calls and buying the May 50 puts reestablishes
+the conversion a month farther out.
+Another reason for trading a roll has to do with interest. The roll in this
+example has positive exposure to rho in April and negative exposure to rho
+in May. Based on a trader’s expectations of future changes in interest rates,
+a position can be constructed to exploit opportunities in interest.