Option Expiration Calendar 2026: Every Monthly, Weekly & Quarterly Expiration Date

Option expiration calendar dates are among the most important markers on any options trader's schedule. Whether you trade monthly equity options, weekly SPX contracts, or quarterly index expirations, knowing exactly when each contract expires — and what happens around those dates — is essential for managing positions, timing entries, and avoiding costly surprises. This comprehensive guide covers every 2026 expiration date you need, explains the differences between monthly, weekly, and quarterly cycles, breaks down OPEX effects and pin risk, and shows you how to track it all in Excel with MarketXLS.

Option Expiration Calendar 2026: Monthly Expiration Dates

Option expiration calendar planning starts with the monthly cycle. Standard monthly equity options expire on the third Friday of every month. These are the most widely traded contracts and carry the highest open interest for most underlyings. Here are all twelve monthly expiration dates for 2026:

Note that if a holiday falls on a Friday (such as Good Friday), the monthly expiration shifts to the preceding Thursday. For 2026, Good Friday falls on April 3, which does not coincide with the third Friday, so all monthly expirations remain on Fridays.

Keep these dates bookmarked or printed next to your trading screen. Monthly OPEX is when the largest volume of options contracts expire, creating the liquidity dynamics and price effects discussed later in this guide.

Option Expiration Calendar 2026: Quarterly Expiration Dates

Option expiration calendar awareness must include the quarterly cycle. Quarterly options expire on the third Friday of March, June, September, and December. These dates are especially significant because they coincide with index futures expiration and often produce heightened volatility. The quarterly expirations for 2026 are:

Quarterly expirations are sometimes called "triple witching" or "quadruple witching" dates because stock options, stock index options, stock index futures, and single-stock futures all expire simultaneously. These days routinely produce trading volumes 50–100% above average and are known for sharp intraday moves, particularly in the final hour of trading.

If you hold positions across multiple asset classes — equities, index options, and futures — quarterly expiration dates deserve extra attention in your risk management plan.

Option Expiration Calendar 2026: Weekly Expirations for SPX and SPY

Option expiration calendar tracking becomes more granular when you trade weekly options. Weekly SPX (S&P 500 Index) and SPY (SPDR S&P 500 ETF) options have become enormously popular, with weekly (and daily) expirations now accounting for the majority of SPX volume.

SPX Weekly Expiration Schedule

SPX weekly options expire on Monday, Wednesday, and Friday of every week. These are cash-settled, European-style options that settle based on the opening price of the S&P 500 on the expiration date (for AM-settled contracts) or the closing price (for PM-settled weeklies). In practice, most SPX weeklies are PM-settled.

For 2026, this means SPX options expire on virtually every trading day during the week — Monday, Wednesday, and Friday — giving traders continuous access to short-dated contracts.

SPY Weekly Expiration Schedule

SPY weekly options also expire on Monday, Wednesday, and Friday. Unlike SPX, SPY options are American-style and physically settled (you receive or deliver shares of the SPY ETF). SPY weeklies have tighter bid-ask spreads in absolute dollar terms due to the lower notional value compared to SPX.

Sample Weekly Expiration Calendar: January 2026

When a market holiday falls on a Monday, Wednesday, or Friday, the weekly expiration for that day is typically eliminated or shifted to the prior trading day. Always confirm with the CBOE or OCC calendars for holiday-adjusted dates.

Option Expiration Calendar: Monthly vs Weekly vs Quarterly Explained

Option expiration calendar cycles differ in important ways beyond just the dates. Understanding these differences helps you choose the right contract for your strategy.

Monthly Options

Monthly options are the "standard" expiration cycle. They offer:

• Highest open interest and liquidity at any given strike for most underlyings
• Most strike prices available, especially far out-of-the-money strikes
• Longer time to expiration relative to weeklies, meaning slower time decay (theta) early in their life
• Used by institutional hedgers, pension funds, and market makers for portfolio-level hedging

Monthly options are best for swing traders, covered call writers, and anyone running multi-week strategies like iron condors or calendar spreads.

Weekly Options

Weekly options were introduced by the CBOE in 2005 and have since exploded in popularity. Key characteristics:

• Short-duration exposure — typically listed with 1–5 weeks until expiration
• Rapid time decay — theta accelerates dramatically in the final days before expiration
• Lower absolute premium — makes them attractive for directional bets and income strategies
• Higher gamma risk — small price moves create large delta shifts near expiration
• Dominant in SPX/SPY — weekly and daily SPX options now represent the majority of S&P 500 options volume

Weekly options are favored by day traders, premium sellers who want to collect theta quickly, and traders making short-term directional bets around earnings or economic events.

Quarterly Options

Quarterly options are tied to the index and futures expiration cycle. They are:

• Limited to four dates per year — the third Friday of March, June, September, and December
• Aligned with futures settlement — creating "witching" effects
• Higher institutional participation — hedge funds and asset managers roll futures and options on these dates
• Associated with elevated volume and volatility — particularly in the final 30–60 minutes of trading

Quarterly expirations matter most if you trade index products, futures, or large-cap stocks that are heavily weighted in the S&P 500.

Option Expiration Calendar and OPEX Effects on Markets

Option expiration calendar dates are not just administrative deadlines — they actively influence market behavior. Here is what happens around expiration and why it matters for your trading.

Gamma Exposure and Dealer Hedging

Market makers and dealers who sell options must hedge their exposure by trading the underlying stock or index. As expiration approaches, gamma — the rate at which delta changes — increases sharply for at-the-money options. This forces dealers to buy and sell the underlying more aggressively to stay hedged, amplifying intraday price swings.

On monthly OPEX Fridays, this gamma hedging activity is concentrated in the final hours. If the market is sitting near a strike with massive open interest, dealers may need to buy dips and sell rallies (when they are short gamma), creating a "pinning" effect. Conversely, if dealers are long gamma, they amplify moves.

Volume and Volatility Spikes

OPEX days routinely see 30–50% higher trading volume than non-OPEX days. Quarterly expirations can see volume double. This volume comes from:

• Traders closing expiring positions
• Rolling positions to the next cycle
• Market makers unwinding hedges
• Algorithmic strategies triggered by gamma and open interest levels

The "OPEX Week" Pattern

Many traders have observed that the week leading into monthly OPEX tends to exhibit lower realized volatility, as dealers' hedging activity suppresses price movement. After OPEX, with the "pin" removed, markets may see a volatility expansion. This pattern is not guaranteed, but it appears often enough that experienced traders factor it into their timing decisions.

End-of-Day Expiration Dynamics

On the expiration day itself, the final 30 minutes can be especially volatile. Options that are just slightly in-the-money or out-of-the-money create uncertainty about exercise, forcing rapid hedging adjustments. For SPX options with AM settlement, the expiration value is determined by the opening print on expiration morning, which can differ significantly from the prior day's close.

Option Expiration Calendar and Pin Risk

Option expiration calendar awareness is incomplete without understanding pin risk. Pin risk occurs when the underlying asset closes very close to a strike price at expiration, creating uncertainty about whether the option will be exercised.

How Pin Risk Works

Suppose you sold SPY 590 calls, and SPY closes at exactly $590.00 on expiration Friday. You do not know whether the counterparty will exercise until after the market closes (the OCC allows exercise notices until 5:30 PM ET). This creates several problems:

1. Assignment uncertainty — You might be assigned on some contracts but not others, leaving you with an unexpected stock position over the weekend.
2. Delta risk over the weekend — If assigned, you carry directional risk into Monday's open without the ability to hedge until the market reopens.
3. Margin impact — Unexpected assignment can change your margin requirements dramatically, especially if you were assigned on short calls in a spread.

How to Manage Pin Risk

• Close positions before expiration if the underlying is near your strike. Even paying a small debit to close is often worth avoiding the uncertainty.
• Roll to the next cycle early in expiration week if you want to maintain the position.
• Monitor open interest at nearby strikes to gauge where pinning effects might concentrate.
• Set alerts in your trading platform for any position within 1–2% of the strike price on expiration day.

Pin risk is most dangerous for traders who sell options spreads and forget about positions that expire near the money. A disciplined expiration-day routine can prevent most problems.

Option Expiration Calendar: SPX vs SPY Expiration Differences

Option expiration calendar entries for SPX and SPY may fall on the same dates, but the two products behave very differently at expiration. Understanding these differences is critical if you trade S&P 500 options.

Settlement Style

Tax Treatment

SPX options receive favorable tax treatment under Section 1256 of the Internal Revenue Code. Gains and losses are taxed at a blended rate: 60% long-term capital gains and 40% short-term, regardless of holding period. SPY options are taxed as standard short-term or long-term capital gains based on how long you held the position.

For active traders, this tax difference alone can make SPX options significantly more cost-effective. On a $10,000 gain, the Section 1256 blended rate saves roughly $600–$1,200 in taxes compared to short-term capital gains rates, depending on your tax bracket.

Notional Value and Contract Size

SPX options have a notional value roughly 10x that of SPY options (since SPX trades at approximately 10x the price of SPY). One SPX contract covers the index at its full value, while one SPY contract covers 100 shares of the ETF. This means:

• SPX is more capital-efficient for large accounts — fewer contracts, lower commissions per dollar of exposure
• SPY offers finer granularity — better for smaller accounts or precise position sizing

Which to Choose?

If you are primarily a premium seller or trade spreads, SPX is usually preferred for its cash settlement (no assignment risk), tax advantages, and larger notional value. If you want the flexibility of American-style exercise, the ability to trade shares of the ETF, or need smaller position sizes, SPY is the better choice.

Option Expiration Calendar and the Rise of 0DTE Options

Option expiration calendar discussions in 2024–2026 cannot ignore the phenomenon of zero-days-to-expiration (0DTE) options. These are options that expire on the same day they are traded.

What Are 0DTE Options?

With SPX options now expiring Monday, Wednesday, and Friday, traders can buy or sell options that expire within hours. On any given trading day, the "0DTE" contract is simply the one expiring that day. In 2023–2025, 0DTE SPX options grew to represent roughly 40–50% of all SPX options volume, a massive shift in market structure.

Why 0DTE Matters for Your Calendar

• Every Mon/Wed/Fri is an SPX expiration day — and thus a 0DTE trading day
• Intraday gamma effects are extreme — at-the-money 0DTE options have very high gamma, meaning small index moves create large P&L swings
• Market impact is real — the concentrated gamma exposure from 0DTE options has been cited by the Federal Reserve and academic researchers as a factor in intraday volatility dynamics
• Premium is cheap in absolute terms — but percentage moves can be enormous, making 0DTE both attractive and dangerous

0DTE Strategy Considerations

If you trade 0DTE options, your "expiration calendar" is essentially every trading day. Key considerations:

• Time decay is extreme — theta burn is fastest in the final hours before expiration
• Liquidity is excellent — SPX 0DTE options have very tight spreads
• Risk management is paramount — without stops or defined risk, 0DTE trades can produce outsized losses in minutes
• Economic events matter — CPI releases, FOMC announcements, and jobs reports create massive 0DTE volume spikes

Option Expiration Calendar: How to Track Expiration Dates in Excel with MarketXLS

Option expiration calendar tracking in a spreadsheet gives you a customizable, always-available reference that integrates with live market data. MarketXLS brings real-time options data directly into Excel, so you can build expiration trackers, monitor open positions, and analyze options chains without leaving your spreadsheet.

Step 1: Get the Current Price of the Underlying

Start by pulling the live price of the asset you trade. For SPY:

=Last("SPY")

This returns the current last-traded price for SPY. Use this to anchor your analysis — knowing where the underlying trades relative to your option strikes tells you whether positions are in-the-money, at-the-money, or out-of-the-money as expiration approaches.

Step 2: Pull the Full Options Chain

To see all available expirations and strikes for the S&P 500 index:

=QM_GetOptionChain("^SPX")

This function returns the complete options chain for SPX, including all available expiration dates, strikes, calls, and puts. You can filter this data in Excel to isolate specific expiration dates, strike ranges, or contract types.

For SPY options chains, you would use =QM_GetOptionChain("SPY").

Step 3: Build an Option Symbol

To track a specific contract — say, a SPY call at the 600 strike expiring on March 20, 2026 — use the OptionSymbol function:

=OptionSymbol("SPY", "2026-03-20", "C", 600)

This returns the standardized option symbol (e.g., @SPY 260320C00600000), which you can use with other MarketXLS functions to pull live quotes.

Step 4: Get a Live Quote for a Specific Contract

Once you have the option symbol, retrieve the current price:

=QM_Last("@SPY 260320C00600000")

This gives you the last-traded price of the SPY March 20, 2026, $600 call. You can use this to monitor positions approaching expiration, track premium decay over time, or compare prices across different expiration dates.

Step 5: Build Your Expiration Tracker

Combine these functions to create a spreadsheet that:

1. Lists all your open options positions with their expiration dates
2. Pulls live prices for each contract using =QM_Last()
3. Calculates days to expiration using Excel's =DATEDIF() or simple date subtraction
4. Flags positions expiring this week using conditional formatting
5. Compares the underlying price to your strikes using =Last() to identify pin risk

Here is a simple layout:

Duplicate this row for each position, and you have a live expiration dashboard. Add conditional formatting to highlight rows where Column G drops below 5 (five days to expiration) or where the underlying is within 1% of the strike price.

Why Track in Excel?

• Customizable — build exactly the tracker you need, no feature limitations
• Integrated with live data — MarketXLS keeps your spreadsheet current
• Portable — works on your desktop, no browser tab to babysit
• Auditable — see formulas, check calculations, no black boxes

Ready to bring live options data into your expiration tracking workflow? Explore MarketXLS plans and features →

Option Expiration Calendar: Key Rules Every Trader Should Know

Option expiration calendar mastery requires knowing the operational rules that govern expiration. Here are the critical details:

Last Trading Day vs Expiration Date

For most equity options, the last trading day is the expiration date itself — the third Friday of the month for monthlies, or the specific weekly date. However, index options with AM settlement (standard monthly SPX) stop trading on Thursday before expiration, with the settlement price determined by Friday's opening auction.

Exercise Cutoff Times

• Equity options (SPY, individual stocks): Can be exercised until 5:30 PM ET on expiration day. Your broker's cutoff may be earlier (often 4:00–4:30 PM ET), so check your platform's specific rules.
• SPX and other index options: European-style, so exercise occurs automatically at expiration if in-the-money. No early exercise is possible.

Automatic Exercise Threshold

The OCC automatically exercises any option that is $0.01 or more in-the-money at expiration, unless the holder submits a "Do Not Exercise" notice. This means even options you forgot about can result in assignment if they finish in-the-money by a penny.

After-Hours Risk

The underlying stock can move after the 4:00 PM ET close. An option that was out-of-the-money at the close could move into the money based on after-hours news, triggering exercise. Conversely, an in-the-money option could move out of the money. This gap between market close and the exercise cutoff creates an additional layer of risk on expiration day.

Holiday Adjustments

If a standard expiration date falls on a market holiday, expiration typically moves to the preceding business day. The most common example is Good Friday — when the third Friday of a month is Good Friday, monthly options expire on Thursday. Always verify holiday-adjusted dates against the OCC calendar.

Option Expiration Calendar: Building a Year-Round Trading Plan

Option expiration calendar integration into your overall trading plan helps you anticipate high-activity periods and manage risk across your portfolio. Here is a framework for thinking about the year in terms of expiration cycles:

January – March (Q1)

• January OPEX often sees elevated volume as institutions rebalance after year-end
• March quarterly expiration is the first "witching" date of the year — expect volume surges
• Earnings season (January–February) overlaps with weekly expirations, creating high-IV environments

April – June (Q2)

• Tax-related selling may affect April markets, intersecting with monthly OPEX
• June quarterly expiration is the mid-year "witching" date, often the highest-volume expiration of the first half
• Summer months may see lower implied volatility, making premium selling strategies attractive around weekly expirations

July – September (Q3)

• August is historically a low-liquidity month — be cautious with expiring positions when spreads may widen
• September quarterly expiration often coincides with increased market anxiety as the historically volatile September–October period begins
• Labor Day holiday may shift weekly expiration dates

October – December (Q4)

• October is known for volatility — monthly and weekly expirations can see outsized moves
• November OPEX falls near Thanksgiving, with shortened trading weeks affecting liquidity
• December quarterly expiration is the final "witching" of the year, often accompanied by tax-loss selling, portfolio window dressing, and year-end rebalancing

By mapping your positions against this seasonal backdrop, you can make better decisions about when to open, close, or roll options trades.

Frequently Asked Questions About Option Expiration Calendars

What time do options expire on expiration day?

Option expiration calendar timing depends on the product. Standard equity options (stocks and ETFs like SPY) stop trading at 4:00 PM ET, but the exercise cutoff extends to 5:30 PM ET. The underlying can move in after-hours trading during this window, potentially changing whether options finish in or out of the money. SPX monthly options with AM settlement stop trading Thursday afternoon and settle based on Friday's opening index calculation. PM-settled SPX weeklies expire at the 4:00 PM ET close on their expiration day.

What happens if I forget to close an expiring option?

If your option is $0.01 or more in-the-money at expiration, the OCC will automatically exercise it. For equity options, this means you will be assigned 100 shares per contract (long shares for exercised calls, short shares for exercised puts). This can dramatically change your account's margin requirements and directional exposure. Most brokers send alerts about expiring positions, but it is your responsibility to manage them. If you do not want exercise, submit a "Do Not Exercise" instruction or close the position before the cutoff.

Do weekly options expire every day of the week?

Not every day, but close to it for popular products. SPX and SPY weekly options expire on Monday, Wednesday, and Friday. Some individual stocks and ETFs have weekly options that expire only on Fridays. The CBOE has also introduced Tuesday and Thursday expirations for select products, though these are less liquid than the Mon/Wed/Fri cycle. Check the CBOE website or your broker's options chain for the specific expiration dates available for any given underlying.

How does expiration affect options pricing?

As expiration approaches, time value (extrinsic value) decays to zero — a process measured by theta. This decay accelerates in the final days and hours before expiration. At-the-money options lose time value fastest, while deep in-the-money and far out-of-the-money options have less extrinsic value to lose. On expiration day itself, options trade at essentially their intrinsic value, with very little time premium remaining. This makes expiration day attractive for premium sellers but risky for premium buyers who need a move to occur.

What is "triple witching" and why does it matter?

Triple witching (sometimes called quadruple witching) occurs on the third Friday of March, June, September, and December, when stock options, stock index options, and stock index futures all expire simultaneously. These dates produce the highest trading volumes of the year and can cause unusual price behavior, particularly in the final hour of trading. Index rebalancing and futures rolling add to the activity. Traders should be prepared for wider-than-normal spreads, faster-than-normal price changes, and potential slippage on orders placed near the close on witching days.

Can I trade 0DTE options on any stock?

Zero-days-to-expiration options are most liquid and accessible for SPX, SPY, QQQ, and a handful of other highly traded ETFs and indices. While many individual stocks have weekly Friday expirations (making Friday a "0DTE" day for those stocks), the Mon/Wed/Fri expiration schedule that enables daily 0DTE trading is primarily an SPX and SPY feature. If you want to trade 0DTE consistently, SPX offers the best combination of liquidity, tight spreads, and cash settlement.

Conclusion

Option expiration calendar knowledge is foundational to successful options trading. Whether you are tracking the twelve monthly expirations for your covered call portfolio, monitoring weekly SPX dates for premium selling strategies, or watching quarterly witching dates for institutional flow effects, knowing when options expire — and what happens around those dates — gives you a tangible edge.

The 2026 calendar is straightforward: monthly expirations fall on the third Friday of each month (January 16 through December 18), quarterly witching dates land in March, June, September, and December, and weekly SPX/SPY options expire every Monday, Wednesday, and Friday throughout the year.

Combine this knowledge with live data in Excel using MarketXLS — pull option chains with =QM_GetOptionChain("^SPX"), build symbols with =OptionSymbol(), and track prices with =QM_Last() — and you have a complete, customizable expiration tracking system.

Get started with MarketXLS to track every expiration date in Excel →