F&O Expiry Calendar
F&O Expiry Calendar
Here's the list of the all the upcoming expiry dates of Options and Futures contracts for all the segments - Index, Stocks (NSE/NSE) and Commodities (MCX).
What is Expiry in Stock Market?
In a world of high-pressure derivatives trading, having the right knowledge at the right time can make or break your trading strategy. Therefore, knowing when a trading contract's expiry date is plays an important role in contract settlements.
An expiry date is the last date till which a trading contract is valid in the F&O segment. To this date, all open positions must be settled. After the expiry date, the contract becomes invalid.
Expiry dates have a significant impact on volatility spikes, position rollovers, and the results of settlements in each segment, such as the Commodity and Equity segments. Dhan offers traders a comprehensive expiry calendar, which is a first-of-its-kind expiry calendar created specifically for Indian traders.
Dhan's Stock Market Expiry Calendar brings all tradeable F&O expiries under one roof. It helps traders to anticipate market movements and understand time decay based on expiry. This expiry calendar enables traders to trade smartly without hopping to multiple platforms. Let's dive into the details.
Stock Market Expiry Days
Below is a simplified breakdown to help traders understand the expiry date of different contracts:
Index Expiry Dates
Weekly Contracts
| Segment | Name | Contract | Expiry Date |
|---|---|---|---|
| Index | NIFTY | Weekly | Tuesday of the expiry week |
| SENSEX | Thursday of the expiry week |
Monthly, Quarterly and Half yearly
| Segment | Name | Contract | Expiry Date |
|---|---|---|---|
| Index | NIFTY | Monthly, Quarterly and Half yearly | Last Tuesday of the expiry month |
| BANKNIFTY | Monthly, Quarterly and Half yearly | ||
| FINNIFTY | Monthly | ||
| MIDCPNIFTY | Monthly | ||
| NIFTYNEXT50 | Monthly | ||
| SENSEX | Monthly, Quarterly and Half yearly | Last Thursday of the expiry month | |
| BANKEX | Monthly | ||
| SX50 | Monthly |
Commodity Expiry Dates
Futures Contracts
| Segment | Name | Expiry Date |
|---|---|---|
| Commodity | Base metals (Copper, Aluminium, Aluminium Mini, Lead, Lead Mini, Nickel, Zinc, Zinc Mini) | Last calendar day of the contract expiry month. |
| Electricity | Business day immediately preceding the last calendar day of the contract expiry month. | |
| Agri | Last calendar day of contract expiry month. | |
| Bullion (Gold, Gold Mini, Gold 1G) | 5th day of contract expiry month. | |
| Bullion (Gold Guinea) | Last calendar day of the contract expiry month. | |
| Bullion (Silver, Silver Micro) | Last calendar day of the contract expiry month. | |
| Bullion (Silver Mini) | Three business days prior to the first business day of the Tender Period of the underlying futures contract. | |
| Energy (Brent crude oil) | Last Business Day of the contract expiry month. | |
| Energy (WTI crude oil) | As per contract launch calendar | |
| Energy (Natural gas) | As per contract launch calendar |
Options Contracts
| Segment | Name | Expiry Date |
|---|---|---|
| Commodity | Base metals (Copper, Zinc) | Three business days prior to the first business day of the Tender Period of the underlying futures contract. |
| Bullion (Gold, Gold Mini) | Three business days prior to the first business day of the Tender Period of the underlying futures contract. | |
| Bullion (Silver) | The business day preceding the start of tender period in the corresponding expiry Futures. | |
| Energy (WTI crude oil) | Seven business days prior to the Expiry Day of the underlying futures contract. | |
| Energy (Natural gas) | Two business days prior to the Expiry day of the underlying futures contract. |
Stock Expiry Dates
| Segment | Name | Contract | Expiry Date |
|---|---|---|---|
| Equity | All Individual Stock | Monthly | Last Tuesday of the expiry month |
Note: Expiry dates change if expiry is on a holiday.
Frequently Asked Questions
Expiry date is the last day after which the contracts will cease to be traded in the F&O segment and settle. Options will expire worthless if out-of-money, while Futures will cash-settle or be physically delivered, depending on the underlying price.
Theta decay accelerates on the last day, gamma spikes near ATM strikes, and hedgers unwind positions, making markets more volatile on expiry day. Most of the action happens during the last hour, traditionally known as the "witching hour" ¸¸when traders rebalance their portfolios, which can cause significant and rapid price swings.
Yes, for professional traders who can use such strategies as 0DTE scalping, strangles, or iron condors and are aware of the high-risk, high-reward environment that increased volatility and time decay bring on. However, this is definitely not a good day for beginners, who might face wild market swings and incur huge losses.
Yes, it is risky to trade on the expiry day as the market witnesses high volatility, rapid price swings, and time decay in options. This could lead to losses, and hence would be recommended only for experienced traders who employ strict risk management strategies like stop losses and disciplined plans to navigate through the fast-paced environment.
An F&O expiry calendar is a schedule that shows the last day a futures and options contract is valid, which is often the last Tuesday of the month for monthly contracts. These dates are standardised to avoid confusion for traders, who must settle their positions by this deadline. Some contracts may have weekly expiries on a different day, like Thursday (SENSEX, BANKEX, and SX50). If the usual expiry day falls on a trading holiday, then the expiry shifts to the previous trading day.
The expiry calendar is important for traders because it impacts derivative contract settlement, market volatility, and price movements, and it requires strategic position management to minimise losses. The date of expiry allows traders to effectively manage the risk because time decay accelerates, and positions need to be closed or rolled over before expiry.
Earlier, it was Thursday, but now, according to the revised NSE standard, all index/stock weeklies/monthlies expire on Tuesday. Though they are adjusted for holidays. Commodities, BANKEX, and SENSEX vary.
In India, there are 3 monthly expiry cycles running simultaneously. These cycles are the near-month, the next-month (mid-month), and the far-month contracts.
The main difference between these expiries is in their frequency of expiry and lifespan, where the weeklies expire every Tuesday and the monthlies on the last Tuesday. This results in major differences in time decay, liquidity, cost, and the suitability of various trading strategies.
If the date of expiry happens to fall on a market holiday, then the expiry date will shift to the previous trading day. E.g., if Tuesday is a market holiday, then the expiry will shift to Monday. The contracts are only settled on a day when the market is open.
Holidays move the expiry date for a derivatives contract to the preceding trading day. Suppose a contract is due to expire on a Tuesday and that Tuesday happens to be a trading holiday; the expiry automatically shifts to the previous trading day, i.e, Monday. This is applicable for most financial markets to prevent confusion and allow for settlement in a timely manner.
The steps for calculating the expiry-day settlement price vary depending on the type of investment instrument. It often involves using an average of the underlying asset's prices within a given time frame. For example, the last 30 minutes' volume-weighted average price often acts as the basis for the settlement price of stock derivatives.
The best strategies for options expiry day include leveraging the increased volatility and rapid time decay (theta) that occur when contracts near settlement. The best options expiry day strategies include leveraging the increased volatility and rapid time decay, theta, that occurs when contracts near settlement. These strategies are high-risk/high-reward in nature and demand strict risk management.
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