Options Expiration Dates 2025
Direct answer: Standard U.S. equity options expire on the third Friday of each month. Weekly options (0DTE and 1-week expiries) expire every Friday. Index options (SPX, NDX) expire on the third Friday for monthly, plus Wednesday and Friday for weekly. The final 2025 monthly expiration dates are listed below.
2025 Monthly Options Expiration Dates
| Month | Monthly Expiration Date | Notes |
|---|---|---|
| January | January 17, 2025 | Standard monthly; Martin Luther King Day Jan 20 does not affect expiry |
| February | February 21, 2025 | Presidents Day Feb 17 does not affect expiry |
| March | March 21, 2025 | Quarterly expiry (March, June, Sep, Dec): largest open interest |
| April | April 17, 2025 | Normal monthly |
| May | May 16, 2025 | Normal monthly |
| June | June 20, 2025 | Quarterly expiry (OPEX + triple witching) |
| July | July 18, 2025 | Normal monthly; Fourth of July holiday does not affect expiry |
| August | August 15, 2025 | Normal monthly |
| September | September 19, 2025 | Quarterly expiry (OPEX + triple witching) |
| October | October 17, 2025 | Normal monthly |
| November | November 21, 2025 | Normal monthly; Thanksgiving Nov 27 does not affect expiry |
| December | December 19, 2025 | Final quarterly expiry; year-end positioning |
Source: CBOE: Options Expiration Calendar. Last verified: September 2026.
Frequently asked questions
What is triple witching and why does it matter?
Triple witching occurs four times per year (third Friday of March, June, September, December) when three types of derivatives expire simultaneously: stock index futures, stock index options, and stock options. This convergence creates unusually high trading volume (often 2-4x normal) as traders roll or close positions. Historically, the hour before close on triple witching Fridays (3-4pm ET) sees concentrated order flow and elevated volatility. Retail traders should be aware: bid-ask spreads often widen during triple witching, and unusual price moves in individual stocks may reflect position unwinding rather than fundamental news.
What are 0DTE options and why have they become popular?
0DTE (zero days to expiration) options expire the same trading day they are traded. The CBOE began offering daily SPX expirations (Monday through Friday) in 2023, enabling 0DTE trading every weekday. Daily equity option expirations are also widespread on major single stocks (AAPL, TSLA, SPY, QQQ, etc.). 0DTEs became extremely popular with retail traders 2022-2024: (1) low dollar cost (near-expiry options are cheap); (2) lottery-like payoffs for large moves; (3) intraday speculation without overnight risk. Academic research suggests most 0DTE buyers lose money in aggregate; market makers profit from the premium. The CBOE estimates 0DTEs represent approximately 40-50% of total SPX options volume as of 2024.
What is pin risk at options expiration?
Pin risk is the risk that a stock closes very close to a strike price on expiration day, creating uncertainty about whether options will be exercised. If a stock closes at exactly $50.00, holders of $50 calls and puts face a decision about whether to exercise (and they may not know whether they will be auto-exercised until after the market closes). Market makers who are short both calls and puts at $50 are exposed to unpredictable assignment. Stocks often get pinned to major strike prices on expiration due to delta hedging by options market makers (gamma pinning), creating predictable price behavior around expiration that experienced traders monitor.