Note ·
What the chart does not say about the roll
Trend structure and the calendar of contract months are different jobs. Mixing them is how students invent breaks that never happened.
Niran Kaewmanee
Two pages around expiry
When a contract month is near the end of its useful life, we keep it and the next month on facing pages. Continuity charts have their place on a desk. In training they hide the seam. Students then mark a ‘break’ that is only a splice.
Open interest is a footnote, not a trend
We glance at whether the next month has begun to take open interest. That glance is about which page to mark next. It is not a trend reading. A rise in open interest does not turn a range into an advance.
Ask the desk, then mark the bar
If you hedge, your roll date may be set by a committee or a mill calendar, not by the chart. Bring that date to class. We will still mark swings on the page in force. We will not pretend the committee’s date is a reversal.