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On the following screens we are going to have a closer look at the expiration mechanism of CBOE traded equity options.

CBOE equity options are traded on three sequential cycles starting in January, February and March, respectively.

The expiration day of equity options is the Saturday immediately following the third Friday of the expiration month.

There are always two near-term and two far-term months available. The near-term months are the two months following immediately the contract months that has just expired whereas the far-term months are the two next months in the sequential cycle the option is traded in.

New option series are introduced on the Monday following the third Friday of the month prior to the current month.