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Cycle

Trading Term

The expiration dates applicable to the different series of options. Currently, most equity options expire on a hybrid cycle, which involves four option series – the two nearest-term calendar months and the next two months from the traditional cycle to which that class of options has been assigned. For example, on January 1, a stock in the January cycle will be trading options expiring in January, February, April, and July. After the January expiration, the months outstanding will be February, March, April, and July.

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