Aren't you likelier to lose money from rolling, e.g. scenarios 3-5 below? How exactly can rolling profit you?
What if you aren't more bullish or bearish than before? What if you surmise that the underlying stock will attain only a certain range of prices, and de/in-crease no further?
I'll brainstorm three cases. Imagine that:
you bought a call. Your underlying asset's price hasn't risen above the spot price on purchase date.
you bought a put. Your underlying's price hasn't dropped below the spot price on purchase date.
In both cases, your call's and put's prices will have dropped, and you've lost money.
- your underlying's price de/in-creases beyond the purchase spot price. Then all options' IV may rise. Then even puts at lower strike prices and calls at higher strike prices will cost more.