Expirations & Rollover
Front month, back month, and how to roll without slippage.
Futures contracts expire on a schedule. The front month is usually the most actively traded contract, but as expiration approaches, volume shifts into the next active month. This transition is called rollover.
Rollover matters because liquidity affects execution. If you keep trading the old contract after most volume has moved, spreads can widen and fills can get worse. Chart levels may also appear different between contract months because each contract has its own price.
A good routine is to watch volume by contract month and switch when the new contract becomes dominant. Do not roll because of a random date alone; roll when liquidity has clearly migrated and your broker's expiration rules support the switch.