How Does a DAO Treasury Use a ‘Rolling’ Strategy for Covered Calls?

Rolling a covered call means closing the existing option position and opening a new one, usually with a different strike price or expiration date. A DAO might roll 'up and out' (higher strike, later expiration) to lock in a profit and give the token more room to appreciate, or roll 'down and out' to generate more premium if the price has dropped.

This strategy actively manages the yield and risk profile.