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Monthly, weekly and quarterly expiries: what the dates on the chain mean
Standard monthly options expire on the third Friday of each month. Weeklies expire on the other Fridays in between, and some big ETFs have Monday, Wednesday and daily expiries too. Quarterlies land on the last trading day of the quarter. Here's how to read them and which ones sellers reach for.
The three kinds, in one table
| Cycle | When it expires | Who has it | What it's usually used for |
|---|---|---|---|
| Monthly (the standard) | Third Friday of the month | Every optionable stock and ETF | Most open interest, tightest spreads. The default for sellers |
| Weekly | Every Friday that isn't a third Friday | Most mid-size and large stocks, all big ETFs | Short trades, fine-tuning expiry, selling after an event |
| Quarterly | Last trading day of March, June, September, December | Mainly index ETFs and some large stocks | Quarter-end hedging by funds. Rarely a seller's first pick |
See Monthly options and Weekly options. Some index ETFs (SPY, QQQ, IWM) also list Monday and Wednesday expiries, and the biggest index products have an expiry every trading day. Those daily ones are mostly a day-trader's tool. See Zero DTE.
The third Friday, and why it matters
The third Friday is OpEx, "options expiration." It's where most of the volume and Open interest sits, because it's the only date every option on every stock shares.
For a seller, that means:
- Tighter spreads. More buyers and sellers at every strike.
- More strikes listed. Especially on smaller stocks, which may only have the monthly.
- The crowd is there. Which also makes pin risk more common on round strikes.
Four times a year, the third Friday is also Triple witching: stock options, index options and index futures all expire together. Volume spikes into the close. Nothing changes about your option; it's just a busier day to be near a strike.
Weeklies: more dates, less depth
Weeklies are listed a few weeks ahead, rolling forward as each one expires. On a busy stock, every Friday for the next two months is on the chain. On a quieter stock, there may be no weeklies at all.
The trade-off is depth. A weekly 20 days out on a mid-size stock often has a wider spread and less open interest than the monthly 30 days out. Same stock, same strike, worse fill. Always compare before picking by date alone. Our chain guide shows where to look.
Holidays and odd dates
If the Friday is a market holiday, the expiry moves to Thursday. Good Friday is the common one. The chain shows the real date; just read it, don't assume Friday.
Before 2015, monthly options technically expired on Saturday. Old articles still say so. Today's answer is Friday.
What sellers tend to use
Most covered-call and cash-secured-put sellers work in the 30 to 45 day window, and many default to the monthly in that range. That's a habit with a reason, not a rule:
- Time decay is steady and meaningful there. See theta decay explained.
- The monthly in that window is usually the most liquid date on the chain.
- There's room to close early or roll if the trade goes wrong.
Weeklies get used for two things: selling right after an earnings report, when the event is behind you, and running shorter cycles on very liquid names. Shorter cycles mean more decisions, more fees and more chances to be near a strike on a Friday. See weekly vs monthly covered calls for that choice.
Quarterlies are mostly a fund's tool. The dates are fine to sell if they fall in your window, but there's no reason to seek them out.
A worked example (an illustration, not a trade idea)
It's the first Monday of a month. A made-up stock, XYZ, trades at $50. You want to sell a $45 put about 30 to 45 days out as part of the wheel strategy. The chain lists:
| Expiry | Days out | Type | $45 put bid / ask | Open interest |
|---|---|---|---|---|
| This Friday | 4 | Weekly | $0.05 / $0.10 | 120 |
| Third Friday, this month | 18 | Monthly | $0.40 / $0.45 | 2,400 |
| Friday after that | 25 | Weekly | $0.60 / $0.75 | 180 |
| Third Friday, next month | 46 | Monthly | $0.95 / $1.00 | 3,100 |
The 46-day monthly fits the window, has the deepest market and the tightest spread. You sell it for $0.95 and collect $95.
| XYZ at that expiry | What happens | Shares | Premium | Total |
|---|---|---|---|---|
| $38 | Assigned at $45 | −$700 | +$95 | −$605 |
| $44 | Assigned at $45 | −$100 | +$95 | −$5 |
| $45 or above | Expires | — | +$95 | +$95 |
The expiry date decides how long you're exposed, not whether you are. The 46-day put collects more than the 18-day one because it carries the obligation longer. That's a math example, not a promise.
How to read an expiry on the chain
Most chains show the date and a tag: "W" or "Weekly," "M" or "Monthly," "Q" or "Quarterly." Some show "(AM)" or "(PM)" for index products that settle on the opening print. Stock and ETF options settle on the close.
Three things to check every time:
- The actual date. Thursday if Friday is a holiday.
- An earnings date inside the window. The whole reason weeklies exist, for some people, is to avoid or target it. See checking the earnings date.
- An ex-dividend date inside the window, for covered calls. See Ex-dividend date.
In plain words: the monthly 30 to 45 days out is the crowded, liquid road. Weeklies are side streets: useful, but check the traffic before you turn.
What to do with this
- Open the chain for a stock you follow. Count the expiries. Tag each as weekly, monthly or quarterly.
- For the same strike, compare the bid-ask spread and open interest on a weekly and the nearest monthly. Notice the difference.
- Mark the third Fridays for the next three months in your calendar. They're the dates your trades will keep landing on.
Questions
When do monthly options expire?
On the third Friday of the month. If that Friday is a market holiday, they expire on the Thursday before.
What's the difference between weekly and monthly options?
Only the date. Weeklies expire on the other Fridays of the month and were added later. Monthlies carry most of the open interest, so they usually have tighter spreads and more strikes.
What are quarterly options?
Options that expire on the last trading day of a calendar quarter. They exist mainly on index ETFs and some large stocks and are used mostly by funds hedging to quarter-end.
Which expiry should an option seller use?
Many sellers work 30 to 45 days out and often pick the monthly in that range for liquidity. Weeklies are useful for shorter cycles on very liquid stocks or for selling after an event has passed.
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