jelly roll noun5 •(US) A cylindrical cake containing jelly (jam). •(US, slang) The female genitalia, sexual intercourse, or a lover. •a male hairstyle, common in the 1950s USA, a roll of greased hair longitudinally aligned front to back at the middle of the head •(slang, offensive) An overweight person. •An options position consisting of two calls and two puts, which can be seen as a combination of synthetic long and short positions with different expiries, or a combination of a put time spread and a call time spread. formsjelly rolls