Is the movement out of a higher coupon or option strike price into a lower coupon or option strike price. It can also describe the movement down a yield curve from a relatively longer maturity security into a relatively shorter maturity security.
Close out options at one strike and simultaneously open other options at a lower strike.
A process whereby one option position is closed and a new one with a lower exercise price is established. See: Exercise Price; Options; Roll Forward
When an investor replaces an old options position with new one at a lower strike price.