Expiration is the date and time when an option ceases to exist. After it, the option can no longer be bought, sold or exercised: it is either exercised or it expires worthless. For the OLIMP indicator expiration is the central event: levels are built from the open options of a series, and on expiration day they disappear with it.
What happens to an option on expiration day
- An in-the-money option (a call below price, a put above price) is, as a rule, exercised. For options on futures, exercise results in a futures position. The auto-exercise threshold and procedure are set by the exchange and the broker.
- An out-of-the-money option expires worthless. The buyer loses the premium paid and the seller keeps it.
- The seller of an in-the-money option is obliged to settle. That is why many sellers close or roll positions early rather than wait for the last day.
This is the picture Max Pain describes: the price at which the most options expire worthless on expiration day and payouts to buyers are smallest.
A series' open interest on expiration day
An option series has a lifespan. Its open interest builds up over weeks and drops to zero on expiration day: every position is either exercised or expired. Before that, some participants roll positions into the next series, so open interest of the nearest series leaves in the last days while the next one grows. In OLIMP you can see this in the series navigator: the nearest series stops being the main one.
Which series exist
- Monthly. They carry the bulk of open interest and give structure for weeks ahead. These are treated as the main ones.
- Quarterly and end-of-month. For the S&P 500 the main series is the quarterly one, the third Friday of March, June, September and December; separate end-of-month series expire on the last trading day of the month.
- Weekly. They expire on Fridays and, for some instruments, on other weekdays. Their open interest is smaller, but they are closer in time and affect price more on their own expiration day.
Not every instrument has weeklies: as of October 2, 2026, Brent, heating oil, Bitcoin, Ether and the Dow have monthly series only. The exchange decides which series exist and this can change.
When expiration happens
There is no single rule: dates are set by the specification of each contract family. Here is what CME data shows as of October 2, 2026:
- Currencies (EUR, GBP, JPY, AUD, CAD, CHF): the monthly series expires on the second Friday before the third Wednesday of the month. The October series is October 9, the November series November 6.
- S&P 500: the end-of-month series expires on October 30, the quarterly December series on December 18.
- WTI crude: the NOV26 series expires on October 15. Gold: the NOV26 series expires on October 27. Brent: the DEC26 series also on October 27.
Note the labels: for gold, silver, copper, oil and gas a series labeled NOV26 expires not in November but earlier; the label is the futures month the option is written on. Go by the date. The full list of upcoming expirations across all instruments is in the CME options expiration calendar, updated every trading day.
How expiration shows up in the indicator
- In the "Contract" row of the panel, days to expiration are shown next to the series label. The arrows flip through series forward and backward, including the one that has just expired.
- Under the "Other" tab you can switch on a vertical line for the selected contract's expiration: solid for monthly, dashed for weekly.
- In weekly mode, the Mon–Fri buttons show on which days the instrument has series.
- CME holidays are marked with separate lines: on those days there is no report and levels do not update.
The panel is covered in detail in The OLIMP indicator panel.
Does expiration affect price
A widespread belief is that into expiration price gets pulled toward Max Pain or "pins" to large strikes. We tested Max Pain on 17 CME instruments (June–September 2026): by expiration day price moved closer to it in 38% of cases, and closer to a mirror level at the same distance on the other side in 37%. No difference.
Two other observations did turn up:
- After expiration. When a series settled far from its Max Pain, price reached that level within the next 20 trading days in 47% of cases versus 27% for the mirror level. The sample is 30 expirations, so this is an observation, not a rule.
- The open-interest balance point (Balance COI): price moved toward it in 44% of cases versus 30% for the mirror level.
The conclusion is cautious: the expiration date itself guarantees neither a pull nor a reversal. It matters because on that day part of the reference levels cease to exist and positions are redistributed between series.
How to use the calendar
- Check the date before leaning on a level. A wall of a near series expiring in two days and a wall of a monthly series a month away are references of different reliability.
- In expiration week compare the nearest and the next series. If the walls and Max Pain of the two series coincide, the level is backed on two horizons.
- After expiration, look at the expired series. Where it settled relative to its Max Pain is visible on the chart if you flip the navigator back.
- Account for holidays and weekends. If an expiration falls on a non-trading day the date moves; the calendar shows actual dates.
Questions and answers
What time does a CME option expire? The exact time depends on the contract and is given in its specification on the CME site. OLIMP levels are built from the exchange's daily report and show positions as of the end of the trading day.
What happens to sold options at expiration? If the option is out of the money, it expires and the seller keeps the premium. If it is in the money, the seller must settle; for options on futures this means a futures position.
How does weekly expiration differ from monthly? A weekly series expires every week and has less open interest. The monthly one carries the main structure. They do not contradict each other: the weekly gives precise levels for the week, the monthly for the month.
How do I see upcoming expirations? In the expiration calendar, and for a specific instrument on its page in Analytics, for example gold.
Is the Moscow Exchange covered? No, we work with CME options. The Moscow Exchange has its own series and schedule.
This article describes open positions based on exchange data and is not investment advice.