Hi all, Let's say I am long 10 June contracts, and I will reduce it to long 5 July contracts the next day, what's the best way to do this? I am thinking of: (1) sell 10 June/July spreads (2) sell 5 July contracts vs. (1) sell 5 June contracts (2) sell 5 June/July spreads which approach is better? I guess the second approach, since it's smaller number of trades? ------------------ Now, let's say I am long 10 June contracts, and I will flip it to short 5 July contracts the next day, what's the best way to do this? I am thinking of: (1) sell 10 June/July spreads (2) sell 15 July contracts vs. (1) sell 5 June contracts (2) sell 5 June/July spreads (3) sell 10 July contracts vs. (1) sell 10 June contracts (2) sell 5 July contracts --------------------- Looks like the 3rd approach is better? So the conclusion is: if the new month positions are of the same direction of the old month positions, we use spreads; if the new month positions are of the opposite direction of the old month positions, we don't use spreads, and just go direct buy/sell. Otherwise, it's always good to use spreads whenever possible when we roll. Am I understanding it correctly? Thanks a lot!