Options expiration (opex)
The date listed options settle, usually the third Friday of the month, when open interest and hedging flows often increase.
Options expiration, or opex, is the date when listed options contracts expire and are settled or exercised. In US equities, standard monthly options expire on the third Friday of each month. Large open interest at particular strikes can create hedging flows as dealers adjust their positions near expiry.
On our site, the opex calendar is shown with expiry dates and open interest by strike where available. Read a strike that appears to attract the price with caution; it is not a guaranteed level.
Traders care because expiry can concentrate hedging and trading activity. Unwinding positions can add to a move or dampen it.
Worked example (illustrative numbers, not real data): a stock has 200,000 call contracts open at a 100 strike, each covering 100 shares, so 20 million shares of exposure. As expiry nears, dealers on the other side may buy or sell stock to rebalance. The effect depends on the net position, which open interest alone does not reveal.