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Watch the Arpeggios & Alternating Bass online guitar lesson by TrueFire from Rhythm Guitar Greatest Hits Vol. 1

This exercise performs one of the most common patterns in fingerstyle guitar. The rolls. An inside and forward roll, common in banjo picking, blues and country picking and a multitude of other styles such as ragtime should be played repeatedly until it is virtually second nature.
Here I have used a simple E, A and B7 chord progression for the inside and forward roll patterns but feel free to use many other chord formations as long as you remember the concept of the two rolls. Also, remember to use your right hand fingers m and a for strings 2 and 1 respectively. A metronome would be of great benefit, particularly with this exercise.
The goal of this simple exercise is to allow the right hand fingers to flow from a stable right hand position. It is a great idea to practice a shift in the right hand from positions one, to two, to three as well as moving the thumb between strings 6, 5, and 4 while maintaining a first position for the right hand fingers.
Do not forget to attempt multiple variations of the arpeggio with different chords as well keeping in mind that as long as there is at least two fingers following a thumbstrike it can qualify as an arpeggio fragment.