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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: Mike Buckley who wrote (1803)	8/6/2001 12:19:48 PM
From: BDR	Read Replies (2) of 5205

<<I had remembered that all options expire on a Thursday. >> In looking for an answer to your question I learned that SPX trading ceases the Thursday before expiration. News to me but of not much import since I haven't dabbled in SPX. I am happy to know I still qualify as a dummy. From: cboe.com What is the expiration date? The last day (in the case of American-style) or the only day (in the case of European-style) on which an option may be exercised. For stock options, this date is the Saturday immediately following the third Friday of the expiration month; however, brokerage firms may set an earlier deadline for notification of an option buyer's intention to exercise. If Friday is a holiday, the last trading day will be the preceding Thursday. What is the last full day of trading in the Equities, OEX and SPX? How do they settle? The last full day of trading for Equities and OEX is the 3rd Friday of the month. They settle on the close. The last full day of trading for SPX is the Thursday before the 3rd Friday of the month. SPX settles on the opening of the 500 stocks that make up the index on Friday morning. Friday holidays push all of these dates ahead one day.

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