Expiry series, near/mid/far contracts and rolling

સરળ ભાષામાં અર્થ

Expiry series, near/mid/far contracts and rolling means examining futures whose underlying, expiry, price unit, multiplier, margin and settlement determine the evidence with the identity, period, unit, source and limitations kept visible. It is a disciplined way to describe evidence, not a shortcut to an investment conclusion.

Learning objectives #

After this chapter you should be able to define expiry series, near/mid/far contracts and rolling, identify the evidence needed to use it, distinguish a reported zero from unavailable evidence, and explain why unlike instruments or periods may not be comparable.

Prerequisites #

Read “Underlying, price unit, lot and multiplier” first. Be comfortable checking an exact listing or instrument, its source, observation date, native currency and unit. When any one of those is unknown, pause the comparison and record the gap.

Core concept #

Near, mid and far labels are relative to ordered valid expiries; rolling closes one contract and opens another. Preserve raw facts separately from interpretation, and retain the denominator, time window, classification rule and provenance that make the evidence reproducible.

Method #

For expiry series, near/mid/far contracts and rolling, first identify the exact evidence named in this chapter: Near, mid and far labels are relative to ordered valid expiries; rolling closes one contract and opens another. Then freeze identity and period, collect source-backed inputs with units, calculate or classify only compatible evidence, and record contrary facts and unavailable fields.

Where it appears in XMarketRadar #

Use the persisted Futures workspace; always read source/as-of status, exact contract key and synchronized spot basis. A displayed field is useful only with its source and as-of context. If XMarketRadar does not calculate this chapter’s concept directly, use the chapter as an educational checklist and retain the supporting primary document or screen URL in the research workspace.

Worked example #

28-Aug, 25-Sep and 30-Oct are near/mid/far on 10-Aug; after August expires the labels shift. Module context: Illustrative XYZ 28-Aug-2026 future is 102 CU with multiplier 50 against synchronized spot 100 CU, so the displayed basis is +2 CU and one-point contract movement is CU 50. This is an illustrative audit trail, not live data, a target or an expected outcome.

Interpretation #

Interpret the result in the direction defined by the field, not by an assumed desirable outcome. Higher, lower, positive and negative can each have different meanings by context. Compare the observation with its own history or a compatible benchmark, and label conclusions as observations, interpretations or user decisions.

Limitations and common mistakes #

Splicing expiries as if they were one unchanged instrument. Leverage, stale spot, roll discontinuity, changing margin and settlement rules can make a compact futures metric incomplete. A precise calculation can still mislead when the source is stale, the denominator changed, or a classification hides important detail.

Unavailable evidence #

If evidence needed for this chapter’s focus is missing—Near, mid and far labels are relative to ordered valid expiries; rolling closes one contract and opens another.—the result is unavailable (—). Do not resolve the gap by splicing expiries as if they were one unchanged instrument. It is not zero, neutral, low risk, a failed condition or permission to substitute a different listing. Retain the last verified observation only with its original date and stale label.

Market and jurisdiction differences #

Contract multipliers, expiries, settlement, margin, position limits and price bands vary by exchange and jurisdiction. Exchange rules, accounting conventions, calendars, taxes, disclosure timing, quote scale and licensed coverage can differ. Verify the current primary source for the relevant venue; registry support alone does not prove that every field is available.

Key takeaways #

For expiry series, near/mid/far contracts and rolling, remember this boundary: Splicing expiries as if they were one unchanged instrument. Keep the evidence exact, dated and source-backed; publish missing information as unavailable rather than manufacturing a value.

Practice #

Reproduce this historical scenario from source-labelled inputs: 28-Aug, 25-Sep and 30-Oct are near/mid/far on 10-Aug; after August expires the labels shift. Then change one input, preserve the original period and unit, and explain whether the result changes or becomes unavailable. Write the identity, source, date, unit and failure condition, then state exactly what would display as —.

Knowledge check #

Related next steps #

Continue with “Futures price, synchronized spot and basis”. Follow the previous/next chapter links and related glossary terms for canonical definitions. Re-run the checklist whenever the source, period, instrument identity or methodology changes.

Educational use only #

This chapter is descriptive education, not investment advice, a forecast, a recommendation, a suitability assessment or an instruction to buy, sell, rebalance, trade or place an order. XMarketRadar’s broker connections remain read-only.