Rollover & basis
What is the difference between an Unadjusted Continuous Chart and a Back-Adjusted (Panama Roll) Continuous Chart?
By Easy Money Scanner · Educational reference · Not investment advice
The short answer
Unadjusted continuous charts simply stack raw contract prices at rollover, creating visible gaps; back-adjusted (Panama roll) charts shift historical prices to remove those gaps.
How it works
Back-adjustment preserves percentage or point price continuity for technical indicators but distorts actual historical dollar price levels, so traders must choose the method matching their analysis purpose.
An example
Panama roll shifts old data by the roll gap amount.
Risk & limitations
Back-adjusted historical prices are not the real traded prices.
Examples are hypothetical, not trade recommendations. US contract and regulatory references do not automatically apply in Canada. Rules, margin requirements and broker policies can change; confirm them with the relevant authority and your broker.