Roll
Closing an existing options position and simultaneously opening a new one with a different strike and/or expiration.
Explanation
Rolling is used to manage positions, extend duration, adjust strikes, or collect additional premium. Common rolls include rolling out (later expiration), rolling up/down (different strike), and rolling out and up/down (both). Rolling is essentially closing one trade and opening another in a single order.
Example
Your short 150 put expires in 5 days and is near the money. You roll to the 148 put expiring in 30 days for a net credit of $0.50.