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Futures contracts expire. Unlike a stock, which you can hold indefinitely, every futures contract has a set expiration date, and traders who want to keep trading that market must move from the expiring contract to the next one. This switch is called rollover. If you day trade futures or trade a prop firm account, understanding rollover keeps you from trading an illiquid contract, misreading your charts or getting caught by a rule you did not know about.
Contract months and codes
Each futures contract is identified by its root symbol, a month code and a year. For example, ESZ6 is the E-mini S&P 500 contract expiring in December 2026.
| Month | Code | Month | Code |
|---|---|---|---|
| January | F | July | N |
| February | G | August | Q |
| March | H | September | U |
| April | J | October | V |
| May | K | November | X |
| June | M | December | Z |
Rollover by market
Equity index futures (ES, NQ, YM, RTY and micros)
These trade on a quarterly cycle: March (H), June (M), September (U) and December (Z). Contracts expire on the third Friday of the contract month. Most traders roll about a week before expiration, when trading volume shifts to the next quarter's contract. Many platforms and data providers treat the roll as happening on the Thursday or so a week before expiration.
Crude oil (CL, MCL)
Crude oil has a contract every month, and trading in the front month ends several business days before the start of the delivery month, usually around the 20th of the prior month. Volume typically moves to the next month earlier than that, so active traders roll more often than equity index traders.
Gold (GC, MGC)
Gold has several active months, mainly February, April, June, August, October and December. Liquidity tends to concentrate in the next active month well before the current one expires.
Exact dates change every year, so check the exchange calendar or your platform's contract details before each roll. Our futures contract specs page lists trading hours and tick values for each market, and futures trading hours explains the session times.
How to know when to roll
Watch volume and open interest. When the next contract trades more volume than the current one, the market has effectively rolled. Most platforms highlight the front month, and many offer a continuous contract symbol that switches automatically for charting.
How to roll a position
- Day traders simply stop trading the old contract and start trading the new one. No positions need to be moved.
- Swing traders close the position in the expiring contract and open the same position in the next month. Some platforms offer a calendar spread order to do both at once.
The two contracts usually trade at slightly different prices. That gap reflects interest rates and dividends for equity indices, or storage and supply factors for commodities. It is not a profit or loss, just a price difference between two different contracts.
Rollover and your charts
When you switch contracts, your levels from the old contract may sit at slightly different prices on the new one. Options:
- Use a back-adjusted continuous chart for longer-term levels.
- Redraw key levels on the new contract after the roll.
- Be aware that indicators like moving averages can jump on unadjusted continuous charts at the roll.
Rollover and prop firm accounts
- Many futures prop firms do not allow positions to be held overnight, so rollover only affects which contract you trade, not open positions.
- Some firms restrict trading the expiring contract in its final days, or close positions automatically. Check your firm's rules.
- Liquidity drops fast in the expiring contract after the roll. Wider spreads and slippage can cost you in a tight trailing drawdown.
Compare firm rules in our futures prop firm reviews, and see the tick value cheat sheet for quick contract math.
Rollover checklist
- Mark the expiration and roll dates for each market you trade at the start of each quarter or month.
- Watch volume shift to the next contract in the days before the roll.
- Switch your chart and order entry to the new contract once it leads volume.
- Redraw key levels if you use the individual contract chart.
- Check any prop firm rules about trading near expiration.
Futures trading involves substantial risk of loss. For education only, not financial advice. Confirm dates with the exchange before trading.
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Futures trading involves substantial risk of loss and is not suitable for every investor. This article is for education only and is not investment advice.