Thinkorswim’s Strategy Roller is arguably one of the most underrated features in any trading platform. As far as I know, Thinkorswim is the only platform that offers this functionality, and it can completely change how you manage covered call positions.
What is Strategy Roller?
The Strategy Roller automatically rolls your covered calls to a new expiration based on your preferred criteria. Unlike covered call ETFs, which follow a set rules-based approach, this feature gives you full control over key factors like strike selection, delta preferences, and expiration timing. That means you can adjust your covered call strategy dynamically based on market sentiment rather than being locked into a fixed schedule.
Real-World Example: Bitcoin & Covered Calls on BITO
Last Friday, January 31, 2025, my price momentum study suggested that Bitcoin was cooling off after hitting $100K. Seeing a potential shift in sentiment, I began scaling into covered calls on my BITO position. Little did I know, the market would take a severe dive over the weekend.
Thankfully, with Strategy Roller, I don’t have to manually manage weekly expirations. My covered calls are set to automatically roll mid-cycle, allowing me to adjust my strategy as needed while maintaining exposure.
Pictures of this current position(1), and overall position with underlying shares(currently 945) can be seen in the position indicators on left side of chart picture(2), picture(3) shows Strategy Roller’s filled order to roll.
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Strategy Roller
- Automates rolling without manual execution.
- More flexibility than covered call ETFs.
- Adjusts to market sentiment based on your own rules.
To manage covered calls, Strategy Roller is an invaluable tool. Whether you’re managing a long-term portfolio or trading market swings like Bitcoin’s, this feature can enhance efficiency and control over your positions.