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What is triple witching?

In one line: Triple witching is the third Friday of March, June, September and December, when stock options, stock index options and stock index futures all expire on the same day.

Trading glossary · Updated 2026-10-26

How it works

Most months, OpEx is the third Friday, when monthly options expire. Four times a year, on the third Friday of March, June, September and December, more contracts expire at once:

1. Stock options
2. Stock index options
3. Stock index futures

Three kinds of contracts, one day: "triple witching." You may also hear "quadruple witching," from the years when single-stock futures traded in the US as well.

On top of that, big index funds often rebalance around the same dates. So triple witching days tend to bring very heavy trading, most of all near the open and the close.

An example (hypothetical)

You sold a $45 put on XYZ for $1.00, expiring on the June triple witching day (an illustration, not a trade idea). XYZ sits near $46 all week. In the last hour, a wave of selling across the market pushes it to $44.60 at the close.

The trade's risk didn't change because of the date. But the busy close moved the stock across your strike in the final minutes, and you held it through the bell. A math example, not a promise.

Why it matters for sellers

Heavy volume isn't bad by itself. Spreads can even tighten on busy days. The risk is speed: big orders near the close can push a stock a little either way, right when your option is being decided.

For the wheel strategy, treat triple witching like any OpEx, with less room for "I'll decide at 3:55." If your option is close to the strike, decide earlier in the day. Close it, roll it, or accept the assignment on purpose.

It's also worth knowing if you ever sell index options. Some quarterly index options settle on prices set at Friday's open, not the close. Check the contract's rules.

Questions