What is contract rollover and how to find more information?

A CFD contract is based on a futures contract with a specified expiration date. When rolling over, a transition occurs from one contract series to another, without the need to close the open position. Positive or negative swap points are accrued at the time of rolling, depending on the valuation of the next contract series.

Learn more about upcoming and historical rollover dates are available on the website.

Instrument rollover can be compared to extending the validity period of a contract's expiration. It is a transition from one contract to another with a longer expiration term. Thanks to rollover at OANDA TMS Brokers, you can maintain your position long-term. A characteristic feature of CFD contracts is the lack of an expiration date. You should know that the underlying instrument on which the CFD is based is often futures index contracts are settled quarterly, while oil contracts expire monthly.

To learn what will happen to your position during a rollover, see the following examples:

1. Long position, buy.

   The spread cost when rolling over the position was omitted for clarity.
   The provided rollover values are hypothetical. On Thursday at 23:00, the May series for WTI crude oil closes at 19.00 USD. The June series closes at 26 USD, SWAP = -7 USD.

   1. You only have a long position on WTI crude oil with a size of 1 lot. The state of your account at 23:00 looks as follows:

      1. Unrealized profit/loss = 2,000 PLN

      2. Swap = 0 PLN

      3. Total result of open positions = 2,000 PLN

      4. Account valuation (Capital) = 20,000 PLN

   2. On Thursday after 23:00, the SWAP amount of -29,000 PLN (-7 USD x 1000 barrels x 1 lot x 4.15 USDPLN) will be booked on the SWAP position in the account. As a result, the account valuation (Capital) will temporarily change to -9,000 PLN.

   3. During the rollover process around 23:04, the platform for valuing the rolled-over position will retrieve the closing price from the new June series.

   4. After the rollover is completed, around 23:10, your account status at 00:05 will look as follows:

      1. Unrealized profit/loss = 31,000 PLN

      2. Swap = -29,000 PLN

      3. Total result of open positions = +2,000 PLN

      4. Account valuation (Capital) = 20,000 PLN

   Pending orders, e.g., Stop Loss or Take Profit: Long position.
   We do not adjust prices in pending orders (take profit, stop loss) during the rollover process. If you want to maintain their economic sense (profit realization, loss cutting), we recommend adjusting the prices by the SWAP value (in this case, by 7 USD). If a Take Profit order with a limit of 26.00 USD was set for the long position in the above scenario, you should raise the price in the pending order by the SWAP value to maintain its economic sense, i.e., to 33 USD.

2. Short position, sell

   The spread cost when rolling over the position was omitted for clarity. The provided rollover values are hypothetical.
   On Thursday at 23:00, the May series for WTI crude oil closes at 19.00 USD. The June series closes at 26 USD, SWAP = -7 USD.
   1. You only have a short position on WTI crude oil with a size of 1 lot. The state of their account at 23:00 looks as follows:
      1. Unrealized profit/loss = 2,000 PLN
      2. Swap = 0 PLN
      3. Total result of open positions = 2,000 PLN
      4. Account valuation (Capital) = 20,000 PLN
   2. On Thursday after 23:00, the SWAP amount of +29,000 PLN (7 USD x 1000 barrels x 1 lot x 4.15 USDPLN) will be booked on the SWAP position in the account. As a result, the account valuation (Capital) will temporarily change to 49,000 PLN.
   3. During the rollover process around 23:04, the platform for valuing the rolled-over position will retrieve the closing price from the new June series.
   4. After the rollover is completed, around 23:10, your account status at 00:05 will look as follows:
      1. Unrealized profit/loss = -27,000 PLN
      2. Swap = +29,000 PLN
      3. Total result of open positions = +2,000 PLN
      4. Account valuation (Capital) = 20,000 PLN
   We do not adjust prices in pending orders (take profit, stop loss) during the rollover process. If you want to maintain their economic sense (profit realization, loss cutting), we recommend adjusting the prices by the SWAP value (in this case, by 7 USD). If a Stop Loss order with a price of 27.00 was set for the short position in the above scenario, you should raise the price in the SL order by the SWAP value to maintain its economic sense, i.e., to 34 USD.

To see upcoming and historical rollovers, refer to this website.

You can find the current and regularly updated full information about the rollover dates of individual financial instruments on our website.

You can also find the rollover calendar for contracts for a given year in the email we send you as well as in the Rollover table section on the documents page.