1. Expiration for Index and Equity Options is the Saturday immediately following the 3rd Friday of the expiration month (except when Friday is a holiday, then the expiration date brings fwd 1 day to Thursday).
2. American Style Option (usually the case)
- can be exercised at any time prior to expiration, up to the 3rd Friday of the expiration month
3. European Style Option
- last trading day is Thursday
Note:
- Although an option can be assigned/ exercised any time, the majority of options are assigned the week of expiration
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