1- Stop Loss:
If the market is going against you, you can use the Close function in order to close your position before the expiry period and cut your losses short. In this manner you are able to still protect a portion of your investment in the trade. The amount that you protect depends on the price and the time to expiry.
For example: The trader has opened a Call option on gold with one hour to expiry. The market started to fall and go against you. You can use the Close button to close the position before expiry and cut your losses short and still maintain a portion of the initial investment.
2- Take Profit:
If the market is going in your direction however afterwards it is showing signs of reversal or is reversing, you can use the Close function to close the trade before the expiry period. In this manner you will still be able to take profit. The profit you can take from this transaction depends on the price and where the time to expiry.
For example: The trader has opened a Call option with ohe hour to expiry. The market price is going up as the trader anticipated. However, after a while the market begins to change direction and reverse. In that case while you are still in the money, you can close the position in profit by using the Close button function and have a profit on the trade.
Roll Over function which is also known as the Extend function can be used in order to extend the expiry period on the trade. This will allow you to extend the trade giving you the opportunity to wait for a market reversal and end the transaction in profit if the market should reverse in your favor.
For example: The trader opened a Put position on gold with one hour expiry and the trade started to go against the position as gold prices began to increase. In order not to lose the trade, if the trader is anticipating that gold prices will still fall, the Extend function may be used to extend the expiry date and wait for a favorable market reversal to occur and then close the position with a profit.
The Double function allows you to add another position when you see the market is going in your favor, thus allowing you to double the profit.
For example: The trader opens a Call option position on gold anticipating the price will go up. As the market advances the prices do go up as the trader anticipated. At this point the trader can now add another position to double his profits by using the Double function should the market continue favorably.