When our strike prices are in-the-money as expiration approaches and we don't want our shares sold, we must close the current month option and roll to the next month. Rolling can include rolling-out to the same strike or rolling-out-and-up to a higher strike. This podcast breaks down the calculations to show why the total cost isn't the most important stat that should determine our trade decisions. A discussion of time-value and intrinsic-value will be included as well as a discussion of the Ellman Calculator.