A futures contract has an expiration date. If you want to keep a position beyond that date, you have to roll it: close the contract that is about to expire and open the same position in a later contract month. The question is not whether to roll, but when – and the answer depends on the type of contract.
What a roll date is – and what it is not
A roll date is not an exchange deadline. It is the point at which most trading activity moves from the expiring contract to the next one. Before the roll date, the front month has the tightest spreads and the most volume. After it, the next contract takes over, and the expiring month becomes thin and more expensive to trade.
Exchange deadlines are the first notice day and the last trading day. The roll date sits before them – far enough ahead that you can switch contracts while both months are still liquid. See first notice day vs. last trading day for the deadlines themselves.
Roll patterns by contract type
| Contract type | Expiry | When traders roll |
|---|---|---|
| Stock index (ES, NQ, YM, RTY and micros) | Third Friday of Mar, Jun, Sep, Dec | About 8 days before expiry – the Thursday of the week before |
| Treasury futures (ZT, ZF, ZN, ZB, UB) | Late in the delivery month | Before first notice at the end of the prior month |
| Metals and grains (GC, SI, HG, ZC, ZS, ZW …) | Late in or during the delivery month | Before first notice at the end of the prior month |
| Energy (CL, NG, HO, RB) | In the month before the delivery month | About a week before the last trading day |
| Cash-settled without delivery (GF, HE, BTC, ETH) | Contract-specific | Only for liquidity – you can hold to expiry |
Stock index futures
The E-mini and Micro stock index futures are cash-settled, so there is no delivery to avoid. Traders still roll early because liquidity moves. The industry convention is eight calendar days before expiration. For the E-mini S&P 500 (ES), the active contract is ESZ26, and the next roll is on Thu, Dec 10, 2026.
Treasury, metal and grain futures
These contracts are physically delivered. Once the delivery period approaches, anyone holding a long position can be assigned delivery, so the roll happens before first notice day – the last business day of the month before the delivery month. For the 10-Year T-Note (ZN), the active contract is ZNZ26 and the next roll is on Tue, Nov 24, 2026. For Gold (GC) the next roll is on Tue, Nov 24, 2026.
Energy futures
Crude oil and natural gas surprise many newcomers: the contract named after a month stops trading in the month before. The December WTI contract expires in November. Crude Oil (WTI) (CL) stops trading three business days before the 25th of the prior month, and volume shifts roughly a week earlier. The current active contract is CLX26, next roll: Tue, Oct 13, 2026.
How to roll in practice
- Use a calendar spread order if your platform supports it. You buy one month and sell the other in a single order at a fixed price difference, so you do not risk the market moving between two separate orders.
- Watch the spread, not the price. The next month often trades at a premium (contango) or discount (backwardation). That difference is the cost or gain of the roll – it is not a profit or loss on your view.
- Roll during liquid hours. Spreads are tightest while both the US day session and the roll activity are running.
- Adjust your stops and alerts to the new contract month. A stop on the expiring contract will not protect the new position.
Common mistakes
- Holding a long position in a physically delivered contract past first notice day. Brokers will usually liquidate it for you – often at a poor price and with a fee.
- Forgetting that energy contracts expire a month early.
- Comparing charts of different contract months without noticing the roll gap. Continuous charts are stitched together from several contracts; a gap on the roll date is not a real price move.
How FuturesSpecs calculates the dates
Every contract page shows roll dates, first notice days and last trading days for the next six contract months. They are calculated from each exchange's expiration rules and the US exchange holiday calendar, and they move forward automatically. Holiday exceptions and rule changes do happen, so always confirm critical dates with the exchange calendar linked on each page.
Educational content only – not investment advice. Futures trading involves substantial risk of loss.