When trading stock or futures options, strategies will often depend, in part, on the specific expiration date for the option traded. There are three cycles for which basic options are usually made available:

• Cycle 1: JAJO the January/April/July/October, or the first month of each quarter
• Cycle 2: MJSD the second month of each quarter
• Cycle 3: FMAN the third month of each quarter

Some high volume equity options, index options, and LEAPS, can trade on other cycles, such as cycle 4, 5, or 6, which offer different expiry caveats than the basic option cycle.