Contract month & rollover
The month in which a futures contract expires (H=March, M=June, U=September, Z=December) and moving a position to the next contract.
Symbol example: ESZ5 = E-mini S&P 500, December 2025. Near expiry, volume shifts to the new contract; continuous symbols like "ES1!" show the most active contract on charts.
On rollover days there is a price difference (basis) between the two contracts; on continuous charts, if this difference isn't corrected with "back-adjust," false gaps appear.
Related terms
Where it appears in the guides
Guides whose text uses this term; most frequent first.