When Do Options Expire?
Options contracts don't live forever. Every option has an expiration date - after which it either gets exercised if it is in-the-money or expires worthless. For 2026 and 2027, the standard monthly cycle still falls on the third Friday of each month unless a market holiday moves it to Thursday.
Quarterly OpEx
3rd Friday of March, June, September, December
The most important dates of the year. Institutional hedges, index futures, and LEAPS all converge. Massive open interest and volume - expect elevated intraday volatility. The June and December expirations ("Triple Witching") see simultaneous expiry of stock options, index options, and index futures.
Standard Monthly
3rd Friday of every calendar month
The bread-and-butter expiration for most equity options strategies. All optionable stocks clear their standard monthly contracts. Premium sellers typically target 30-45 DTE months then roll or close as expiration approaches.
Weekly (Short-Dated)
Every Friday that isn't the standard monthly
Available on high-liquidity underlyings including SPY, QQQ, AAPL, NVDA, and index products like SPXW. Weeklies offer precise expiration targeting and are the vehicle of choice for income traders, 0DTE strategies, and earnings plays.
AM vs. PM Settlement: A Critical Distinction
The settlement type determines when the final cash settlement value is calculated - and it can make a significant difference on high-volatility expiration days.
SPX, XSP, RUT, VIX options
Settlement price is calculated from Friday's opening prices of the constituent stocks. Contracts stop trading on Thursday afternoon. If you hold AM-settled options through Thursday's close, you can no longer hedge - you're exposed to gap risk overnight.
SPY, QQQ, IWM, all equity options
Settlement price is the closing price on expiration Friday. You can trade and hedge right up to the 4:00 PM ET close. ITM positions may be automatically exercised/assigned unless you close or request not to.
Why Expiration Dates Matter for Options Traders
Theta Decay Accelerates Into Expiration
Time value (extrinsic value) doesn't erode linearly. The rate of decay - measured by the Greek Theta - accelerates sharply in the final 30 days of an option's life, and goes parabolic in the last week. Options sellers (premium collectors) benefit from this; buyers must overcome ever-increasing decay to remain profitable.
Assignment Risk on Short Options
American-style options (most equity and ETF options) can be exercised at any time, but assignment risk peaks near expiration - especially when a short option is in-the-money and dividend date or expiration aligns. Holders of short calls on dividend-paying stocks should be particularly vigilant the trading day before ex-div dates. If an ITM short option expires without being closed, automatic exercise occurs.
The "Pinning" Effect on Stocks
A well-documented market microstructure phenomenon: heavily traded stocks with large open interest at a specific strike price tend to "pin" to that strike near expiration. Dealers who have sold options delta-hedge dynamically, and their hedging flows can actively push price toward maximum-pain strike levels (the point where aggregate option holders lose the most). This creates tradeable patterns - or dangerous traps - for the uninitiated.
Structuring Trades Around OpEx
Experienced traders time their entries and exits around the expiration cycle. Common approaches include: entering premium-selling trades 30-45 DTE (targeting the monthly expiration two cycles ahead), closing at 50% max profit or 21 DTE to avoid gamma risk, and avoiding selling into a volatile expiration week without defined risk. Quarterly OpEx weeks tend to have above-average realized volatility and wider bid-ask spreads.
Options Expiration FAQ
What is a stock options expiration calendar?
A stock options expiration calendar shows when listed option contracts expire by cycle. The underlying stocks do not expire; the contracts on those stocks and ETFs do.
When is OpEx this month?
Standard monthly options expiration is normally the third Friday of each month. If that Friday is a market holiday, the standard monthly expiration moves to the prior Thursday.
What are LEAPS expiration dates for 2026 and 2027?
LEAPS usually use the standard monthly expiration cycle, most commonly the January monthly expiration. The calendar highlights the 2026 and 2027 standard monthly dates so you can check long-dated equity and ETF options.
Do SPY, QQQ, and SPXW options expire every Friday?
SPY and QQQ have standard weekly expirations on most Fridays plus monthly expirations. SPXW is the weekly S&P 500 index options series and can have additional expirations beyond standard Friday cycles.
What is quarterly OpEx?
Quarterly OpEx refers to the March, June, September, and December standard expiration cycles. These dates often carry heavier open interest because stock options, index options, and futures cycles overlap.
When is the next standard monthly OpEx after April 2026?
April 2026 monthly OpEx was Friday, April 17, 2026. The next standard monthly equity and ETF options expiration is Friday, May 15, 2026.
When is the May 2026 VIX expiration?
The May 2026 standard VIX options expiration is Tuesday, May 19, 2026, because the related June SPX standard expiration is holiday-adjusted.
Query Options Data by Expiration Date.
The CuteMarkets API lets you filter full options chains by expiration date, contract type, and strike range - all in a single request. Perfect for building your own expiration scanner, automated roll logic, or systematic premium harvesting strategies.
View Pricing & API Access