Options expiration calendar, and how much gamma expires
Every expiry-class date ahead, by rule: monthly and quarterly options, the ES and NQ futures expiry and the roll, month-end and quarter-end SPX, the January LEAPS cycle, and the days on which they coincide. Below it, the measurement nobody else prints: what share of each symbol's dealer gamma expired on its last session, against what is usual for that symbol.
The dates ahead
| date | what expires or settles | |
|---|---|---|
| Fri, Oct 16, 2026 | Monthly opex the AM-settled SPX monthly settles at the open |
|
| Fri, Oct 30, 2026 | End-of-month SPX expiry | |
| Fri, Nov 20, 2026 | Monthly opex the AM-settled SPX monthly settles at the open |
|
| Mon, Nov 30, 2026 | End-of-month SPX expiry | |
| Thu, Dec 10, 2026 | ES and NQ futures roll: volume moves from ESZ6 to ESH7 | |
| Fri, Dec 18, 2026 | ES and NQ futures expire at the open (ESZ6, NQZ6); ESH7 is the front contract Quarterly opex (quad witching) the AM-settled SPX monthly settles at the open |
expiries coincide |
| Thu, Dec 31, 2026 | Quarter-end SPX expiry (the JPMorgan collar resets) | |
| Fri, Jan 15, 2027 | LEAPS expire (the January cycle) Monthly opex the AM-settled SPX monthly settles at the open |
same day |
| Fri, Jan 29, 2027 | End-of-month SPX expiry | |
| Fri, Feb 19, 2027 | Monthly opex the AM-settled SPX monthly settles at the open |
|
| Fri, Feb 26, 2027 | End-of-month SPX expiry | |
| Thu, Mar 11, 2027 | ES and NQ futures roll: volume moves from ESH7 to ESM7 | |
| Fri, Mar 19, 2027 | ES and NQ futures expire at the open (ESH7, NQH7); ESM7 is the front contract Quarterly opex (quad witching) the AM-settled SPX monthly settles at the open |
expiries coincide |
| Wed, Mar 31, 2027 | Quarter-end SPX expiry (the JPMorgan collar resets) | |
| Fri, Apr 16, 2027 | Monthly opex the AM-settled SPX monthly settles at the open |
|
| Fri, Apr 30, 2027 | End-of-month SPX expiry | |
| Fri, May 21, 2027 | Monthly opex the AM-settled SPX monthly settles at the open |
|
| Fri, May 28, 2027 | End-of-month SPX expiry | same day |
| Thu, Jun 10, 2027 | ES and NQ futures roll: volume moves from ESM7 to ESU7 | |
| Thu, Jun 17, 2027 | ES and NQ futures expire at the open (ESM7, NQM7); ESU7 is the front contract Quarterly opex (quad witching) the AM-settled SPX monthly settles at the open |
expiries coincide |
| Wed, Jun 30, 2027 | Quarter-end SPX expiry (the JPMorgan collar resets) | |
| Fri, Jul 16, 2027 | Monthly opex the AM-settled SPX monthly settles at the open |
|
| Fri, Jul 30, 2027 | End-of-month SPX expiry | |
| Fri, Aug 20, 2027 | Monthly opex the AM-settled SPX monthly settles at the open |
|
| Tue, Aug 31, 2027 | End-of-month SPX expiry | |
| Thu, Sep 9, 2027 | ES and NQ futures roll: volume moves from ESU7 to ESZ7 |
Dates are rules, so they are known years ahead; a third Friday that is a market holiday moves to the Thursday. The same rows are on the market calendar beside the releases, and in the terminal's calendar panel.
How much gamma expired, by symbol · session of 2026-10-09
| symbol | share of the book that expired that day | expired | usual that weekday | day | |
|---|---|---|---|---|---|
| NDX Nasdaq-100 index | 98% | 52% | 10-09 | replay | |
| SOXS Direxion Daily Semiconductor Bear 3X | 67% | 63% | 10-09 | replay | |
| MRNA Moderna | 59% | 74% | 10-09 | replay | |
| SOXL Direxion Daily Semiconductor Bull 3X | 56% | 58% | 10-09 | replay | |
| PLTR Palantir Technologies | 56% | 42% | 10-09 | replay | |
| GDX VanEck Gold Miners ETF | 52% | 42% | 10-09 | replay | |
| APLD Applied Digital | 51% | 51% | 10-09 | replay | |
| SNDK Sandisk | 50% | 61% | 10-09 | replay | |
| SQQQ ProShares UltraPro Short QQQ (-3x) | 49% | 40% | 10-09 | replay | |
| UNH UnitedHealth Group | 45% | 33% | 10-09 | replay | |
| SNOW Snowflake | 45% | 61% | 10-09 | replay | |
| APP AppLovin | 45% | 41% | 10-09 | replay | |
| DELL Dell Technologies | 44% | 61% | 10-09 | replay | |
| MU Micron Technology | 41% | 51% | 10-09 | replay | |
| NBIS Nebius Group | 40% | 47% | 10-09 | replay | |
| USO United States Oil Fund | 40% | 45% | 10-09 | replay | |
| AMD Advanced Micro Devices | 39% | 47% | 10-09 | replay | |
| LRCX Lam Research | 39% | 56% | 10-09 | replay | |
| TSLL Direxion Daily TSLA Bull 2X | 39% | 39% | 10-09 | replay | |
| TSLA Tesla | 39% | 47% | 10-09 | replay | |
| CRWD CrowdStrike | 39% | 49% | 10-09 | replay | |
| HIMS Hims & Hers Health | 38% | 50% | 10-09 | replay | |
| HOOD Robinhood Markets | 38% | 46% | 10-09 | replay | |
| OKLO Oklo | 38% | 32% | 10-09 | replay | |
| TQQQ ProShares UltraPro QQQ (3x) | 38% | 44% | 10-09 | replay | |
| MRVL Marvell Technology | 37% | 41% | 10-09 | replay | |
| SPCX SpaceX | 37% | 55% | 10-09 | replay | |
| GME GameStop | 37% | 39% | 10-09 | replay | |
| GS Goldman Sachs | 36% | 32% | 10-09 | replay | |
| FSLR First Solar | 36% | 52% | 10-09 | replay | |
| RDDT Reddit | 35% | 51% | 10-09 | replay | |
| BA Boeing | 35% | 35% | 10-09 | replay | |
| SMCI Super Micro Computer | 35% | 66% | 10-09 | replay | |
| CRCL Circle Internet Group | 34% | 48% | 10-09 | replay | |
| QCOM Qualcomm | 34% | 38% | 10-09 | replay | |
| UVXY ProShares Ultra VIX Short-Term Futures | 34% | 62% | 10-09 | replay | |
| MSTR Strategy | 34% | 64% | 10-09 | replay | |
| SPY SPDR S&P 500 ETF | 33% | 31% | 10-09 | replay | |
| QQQ Invesco QQQ Trust | 32% | 32% | 10-09 | replay | |
| GOOGL Alphabet | 32% | 36% | 10-09 | replay | |
| ORCL Oracle | 31% | 34% | 10-09 | replay | |
| CRWV CoreWeave | 31% | 47% | 10-09 | replay | |
| SOXX iShares Semiconductor ETF | 31% | 35% | 10-09 | replay | |
| LULU Lululemon Athletica | 30% | 48% | 10-09 | replay | |
| PANW Palo Alto Networks | 30% | 42% | 10-09 | replay | |
| COIN Coinbase Global | 30% | 52% | 10-09 | replay | |
| JPM JPMorgan Chase | 30% | 39% | 10-09 | replay | |
| LLY Eli Lilly | 30% | 31% | 10-09 | replay | |
| ASTS AST SpaceMobile | 29% | 51% | 10-09 | replay | |
| NOW ServiceNow | 29% | 42% | 10-09 | replay | |
| RKLB Rocket Lab | 29% | 50% | 10-09 | replay | |
| NKE Nike | 29% | 34% | 10-09 | replay | |
| DIA SPDR Dow Jones Industrial Average ETF | 28% | 40% | 10-09 | replay | |
| TEM Tempus AI | 28% | 51% | 10-09 | replay | |
| GOOG Alphabet (class C) | 28% | 39% | 10-09 | replay | |
| BABA Alibaba Group | 28% | 30% | 10-09 | replay | |
| XSP Mini-SPX index | 28% | 26% | 10-09 | replay | |
| AMAT Applied Materials | 27% | 40% | 10-09 | replay | |
| RIOT Riot Platforms | 27% | 41% | 10-09 | replay | |
| AVGO Broadcom | 27% | 34% | 10-09 | replay | |
| ARM Arm Holdings | 27% | 41% | 10-09 | replay | |
| COST Costco Wholesale | 26% | 33% | 10-09 | replay | |
| AMZN Amazon | 26% | 31% | 10-09 | replay | |
| IBM IBM | 26% | 35% | 10-09 | replay | |
| CRM Salesforce | 25% | 50% | 10-09 | replay | |
| NVDA NVIDIA | 25% | 41% | 10-09 | replay | |
| AAPL Apple | 23% | 34% | 10-09 | replay | |
| SHOP Shopify | 23% | 48% | 10-09 | replay | |
| SMH VanEck Semiconductor ETF | 23% | 27% | 10-09 | replay | |
| INTC Intel | 23% | 38% | 10-09 | replay | |
| MCD McDonald's | 22% | 40% | 10-09 | replay | |
| MSFT Microsoft | 22% | 25% | 10-09 | replay | |
| UBER Uber Technologies | 22% | 42% | 10-09 | replay | |
| NFLX Netflix | 21% | 32% | 10-09 | replay | |
| SLV iShares Silver Trust | 21% | 22% | 10-09 | replay | |
| WMT Walmart | 21% | 32% | 10-09 | replay | |
| META Meta Platforms | 20% | 41% | 10-09 | replay | |
| TSM Taiwan Semiconductor | 19% | 38% | 10-09 | replay | |
| IONQ IonQ | 19% | 40% | 10-09 | replay | |
| ADBE Adobe | 19% | 40% | 10-09 | replay | |
| ARKK ARK Innovation ETF | 19% | 37% | 10-09 | replay | |
| IBIT iShares Bitcoin Trust | 19% | 30% | 10-09 | replay | |
| IWM iShares Russell 2000 ETF | 19% | 23% | 10-09 | replay | |
| DRAM Roundhill Memory ETF | 18% | 45% | 10-09 | replay | |
| TLT iShares 20+ Year Treasury Bond ETF | 18% | 14% | 10-09 | replay | |
| BMNR Bitmine Immersion Technologies | 18% | 58% | 10-09 | replay | |
| IREN Iris Energy | 17% | 47% | 10-09 | replay | |
| XOM Exxon Mobil | 16% | 29% | 10-09 | replay | |
| GLD SPDR Gold Shares | 15% | 28% | 10-09 | replay | |
| RUT Russell 2000 index | 14% | 25% | 10-09 | replay | |
| XLK Technology Select Sector SPDR | 14% | 18% | 10-09 | replay | |
| EWY iShares MSCI South Korea ETF | 12% | 40% | 10-09 | replay | |
| XBI SPDR S&P Biotech ETF | 11% | 24% | 10-09 | replay | |
| XLC Communication Services Select Sector SPDR | 9% | 0% | 10-09 | replay | |
| XLP Consumer Staples Select Sector SPDR | 8% | 27% | 10-09 | replay | |
| XLI Industrial Select Sector SPDR | 8% | 24% | 10-09 | replay | |
| CLSK CleanSpark | 7% | 40% | 10-09 | replay | |
| KRE SPDR S&P Regional Banking ETF | 7% | 15% | 10-09 | replay | |
| U Unity Software | 6% | 23% | 10-09 | replay | |
| XLE Energy Select Sector SPDR | 5% | 24% | 10-09 | replay | |
| XLV Health Care Select Sector SPDR | 4% | 14% | 10-09 | replay | |
| EWZ iShares MSCI Brazil ETF | 3% | 13% | 10-09 | replay | |
| EEM iShares MSCI Emerging Markets ETF | 2% | 3% | 10-09 | replay | |
| XLF Financial Select Sector SPDR | 2% | 4% | 10-09 | replay | |
| XLY Consumer Discretionary Select Sector SPDR | 0% | 2% | 10-09 | replay | |
| SOFI SoFi Technologies | 0% | 0% | 10-09 | replay | |
| BAC Bank of America | 0% | 19% | 10-09 | replay | |
| MARA MARA Holdings | 0% | 55% | 10-09 | replay | |
| ETHA iShares Ethereum Trust | 0% | 36% | 10-09 | replay | |
| VIX Volatility Index | 0% | 0% | 10-09 | replay | |
| RIVN Rivian Automotive | 0% | 31% | 10-09 | replay | |
| PFE Pfizer | 0% | 0% | 10-09 | replay | |
| F Ford Motor | 0% | 0% | 10-09 | replay | |
| XLU Utilities Select Sector SPDR | 0% | 0% | 10-09 | replay | |
| UNG United States Natural Gas Fund | 0% | 0% | 10-09 | replay | |
| XLB Materials Select Sector SPDR | 0% | 0% | 10-09 | replay | |
| KWEB KraneShares CSI China Internet ETF | 0% | 0% | 10-09 | replay | |
| FXI iShares China Large-Cap ETF | 0% | 0% | 10-09 | replay | |
| HYG iShares iBoxx High Yield Corporate Bond ETF | 0% | 0% | 10-09 | replay | |
| IEF iShares 7-10 Year Treasury Bond ETF | 0% | 0% | 10-09 | replay | |
| LQD iShares iBoxx Investment Grade Corporate Bond ETF | 0% | 0% | 10-09 | replay | |
| XLRE Real Estate Select Sector SPDR | 0% | 0% | 10-09 | replay | |
| DJX Dow Jones Industrial Average (1/100) | 0% | 0% | 10-09 | replay |
The tick is the symbol's usual share on that weekday, the median of its earlier sessions of the same weekday (of every other session while there are fewer than two); amber is a day at least half again above it. The book is every expiry inside the reach (120 days since 2026-09-26, 45 before), near the money, read at 10:00 ET. History starts in September 2026 and grows by one session every evening.
SPX, the last 40 sessions
The SPX engine's book is today's expiry and the next three, so its share runs higher than a symbol's and is compared with its own history only. Each bar opens that session in the terminal, where the EXPIRING TODAY card shows the number moving through the day.
Questions
The next expiry-class date on this calendar is Fri, Oct 16, 2026. Monthly options expire on the third Friday of every month; the quarterly expiration, with the index futures and the index rebalances, is the third Friday of March, June, September and December. When that Friday is a market holiday the expiration moves to the Thursday.
The quarterly third Friday, when stock options, index options and index futures expire together and the S&P and Nasdaq-100 rebalances take effect at the close. The ES and NQ futures settle at that morning's open, as the AM-settled SPX monthly options do; trading volume moves to the next futures contract eight days earlier, on the roll Thursday.
From the option chain itself: the unsigned dealer gamma of the contracts that expire on the day, as a share of the unsigned gamma of every expiry inside the book's reach (120 days since 2026-09-26, 45 before), across the strikes near the money. It is read at 10:00 ET. It says how much of the book is about to disappear, not what price does afterwards, and each symbol is compared with its own recent sessions only.
The last session of March, June, September and December carries its own SPX expiry, and a large hedged-equity fund resets a three-leg SPX option collar on that day. The strikes of that collar are public in advance and are watched as levels through the quarter.