Options Trading System

Expiration Cycle (Cycle)

Expiration dates applicable to options of listed securities is referred to Expiration Cycle. There are three major cycles for options (not LEAPs).

• Expiration dates in January, April, July, and October refer to the January Cycle.
• Expiration dates in February, May, August, and November, refer to the February Cycle.
• Expiration dates in March, June, September, and December, refer to the March Cycle.