GLOSSARY · CONTRACTS & MONEY
What is Expiration & Rollover?
Futures contracts expire on a set date; rolling over means moving your trading to the next contract month.
Equity index futures (ES, NQ, YM, RTY) expire quarterly in March, June, September and December (codes H, M, U, Z). Volume shifts to the next contract about a week before expiration — that shift is the rollover.
Crude oil (CL) expires monthly. Day traders simply switch to the new front month after the roll so they trade where the liquidity is.
EXAMPLE
ESZ6 is the December 2026 E-mini S&P. Around the second week of December, traders roll to ESH7 (March 2027).
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