Options trading calendar 2017

2017 Expiration Calendar.

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This web site discusses exchange-traded options issued by The Options Clearing Corporation. No statement in this web site is to be construed as a recommendation to purchase or sell a security, or to provide investment advice. Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies of this document may be obtained from your broker, from any exchange on which options are traded or by contacting The Options Clearing Corporation, One North Wacker Dr., Suite 500, Chicago, IL 60606 (investorservicestheocc).

© 2017 The Options Clearing Corporation. All rights reserved.

Calendar of Events.

* Nasdaq will continue to send alerts to notify customers of days when the Market will close early. Please refer to those alerts for full information, including system operating times.

TradeDate—Settlement Date Schedule.

Pursuant to Sections 220.8(b)(1) and (4) of Regulation T of the Federal Reserve Board, a broker-dealer must promptly cancel or otherwise liquidate a customer purchase transaction in a cash account if full payment is not received within five business days from the date of purchase or, pursuant to Section 220.8(d)(1), make application to extend the time period specified. The date by which members must take such action is shown below in the column titled “Reg. T Date.”

Similarly, SEC Rule 15c3-3 requires member organizations to take prompt steps to obtain possession or control of securities pursuant to paragraph (m) through a buy-in procedure or otherwise if securities are not received within 13 business days from the date of sale or, pursuant to paragraph (n), make application to extend the time period specified. The date by which members must take such action is shown below in the column titled “SEC Extension Date.”

Brokers, dealers and municipal securities dealers should use the settlement dates for purposes of clearing and settling transactions pursuant to the securities exchanges.

More Information.

Questions regarding the application of those settlement dates to a particular situation may be directed to the Corporate Data Integrity Department at:

Nasdaq Calendar.

Equity, index, and cash-settled currency options expiration date Equity LEAPS® expire in January. Index LEAPS® expire in December, January, and June.

A. M. settled index options cease trading.

Expiring equity and P. M. settled index options cease trading. Expiring cash-settled currency options cease trading at 12:00 p. m. ET.

Exchange holiday (additional holidays may be announced)

2020 Equity LEAPS® added.

Quarterly expiration date.

VIX expiration date.

NOTE: While these dates are accurate as of 12/04/15, they are subject to change. Weekly expirations occur every Friday, with the exception of Standard Expiration Fridays and when there is an exchange holiday.

Legend Expand.

2017 Options Expiration Calendar.

Nasdaq is driven by a relentless commitment to client service, FinTech innovation and market efficiency, with a suite of six options exchanges that offer unique pricing opportunities and robust functionality powered by best-in-class technology.

Reflecting on the rich history of the U. S. options industry reminds us of the important role it has played in shaping our economy. From the first recognized options market in the 17th century to the introduction of electronic trading, options markets have been a critical component to driving growth in the capital markets.

Nasdaq is proud to partner with our clients as we continue to deliver the options trading innovations of the future.

The calendar spread options strategy.

Here's how to capture opportunities created by volatility with the calendar spread.

Trading Active Trader Pro Brokerage Options.

Trading Active Trader Pro Brokerage Options.

Trading Active Trader Pro Brokerage Options.

Trading Active Trader Pro Brokerage Options.

The calendar spread options strategy is a market neutral strategy for seasoned options traders that expect different levels of volatility in the underlying stock at varying points in time, with limited risk in either direction. The goal is to profit from a neutral or directional stock price move to the strike price of the calendar spread with limited risk if the market goes in the other direction.

What is a calendar spread?

A calendar spread typically involves buying and selling the same type of option (calls or puts) for the same underlying security at the same strike price, but at different (albeit small differences in) expiration dates. This type of strategy is also known as a time or horizontal spread due to the differing maturity dates.

A typical long calendar spread involves buying a longer-term option and selling a shorter-term option that is of the same type and exercise price. For example, you might purchase a two-month 100 strike price call and sell a one-month 100 strike price call. This is a debit position, meaning you pay at the outset of the trade.

Calendar spreads are for experienced, knowledgeable traders.

The goal of a calendar spread strategy is to take advantage of expected differences in volatility and time decay, while minimizing the impact of movements in the underlying security. The objective for a long call calendar spread is for the underlying stock to be at or near, nearest strike price at expiration and take advantage of near term time decay. Depending on where the stock is relative to the strike price when implemented the forecast can either be neutral, bullish or bearish.

Calendar spread candidates.

You can use some of the tools that are available on Fidelity to search for calendar spread opportunities. For example, if you select “IV 30 > HV 30” as the criterion, the scan will look for elevated IV levels relative to historical volatility (HV) levels. This specific screen may indicate that certain options are “expensive.”

One-year implied volatility chart.

Profit/loss breakdown.

The profit/loss diagram of a calendar spread shows that when the stock price increases, this type of trade suffers. Significant movement in either direction in a short period may be costly because of the way the higher gamma (the rate of change, or sensitivity, to a price change in the underlying security for delta) affects short-term contracts.

Another risk to this position is early assignment when selling shorter-term contracts (especially with calls), where the expiration date follows the ex-dividend date. If this is the case, the probability of assignment increases significantly. If assignment occurs prior to the ex-dividend date, the client will owe the dividend payment because the account is now short shares, unless shares of the underlying security are already held in the account.

Early assignment also changes the strategy from a calendar spread to a synthetic long put if you don’t already own shares, because you are short a stock and long a call, which is a very different outlook.

Managing a calendar spread.

It is also advisable to check for ex-dividend dates, as it is very important to understand assignment risk—especially for call spreads. You can adjust the spread as necessary to maintain the long position, while adjusting the strike price of the short contract along the way to give more delta exposure.

Calendar spreads with Fidelity.

When the short-term expiration date approaches, you will need to make a decision: Sell another front-month contract, close the whole strategy, or allow the long-term call or put to stay in place by itself.

Learn more.

Discover more about trading options. Find options contracts. To test single - and multi-leg options strategies, try a strategy evaluator (login required).

Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read Characteristics and Risks of Standardized Options. Supporting documentation for any claims, if applicable, will be furnished upon request.

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