– Glossary

Expiration cycle

A cycle related to the dates on which options on a particular underlying security expire. Stock options, other than LEAPS and long-term options, will be placed in one of three cycles: the January cycle (with options listed in the January, April, July, or October cycle months); the February cycle (with options listed in the February, May, August, or November cycle months); or the March cycle (with options listed in the March, June, September, or December cycle months). At any point in time, an option will have contracts with four expiration dates outstanding - in the nearest two expiration months and in two longer-term cycle months.

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