Dates · Eurex & US exchanges
Witching days 2026 & 2027: every expiration date in one calendar
A witching day is the third Friday of March, June, September and December, when index futures, index options and equity options expire together. In Germany it is called Hexensabbat or the "big expiration day". In every other month the third Friday is a monthly expiration. Below are all dates for Eurex and the US exchanges through 2027, with a countdown and a calendar feed you can subscribe to.
Next expiration day
Friday, October 16, 2026
Eurex
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days
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until expiring index options stop trading, 13:00 CET
Next quarterly witching day
Friday, December 18, 2026Eurex
Every expiration date in 2026 and 2027
The rule on both sides of the Atlantic is the third Friday of the month. If that is not a trading day, expiration moves to the business day before. Quarterly months are highlighted. Use .ics to download a single date with a reminder the day before.
| Month | Eurex (DAX, Euro Stoxx 50, equity options) | US exchanges (monthly options) |
|---|---|---|
| Januarypast | ||
| Februarypast | ||
| MarchWitching daypast | ||
| Aprilpast | ||
| Maypast | ||
| JuneWitching daypast | Juneteenth (a US market holiday) falls on the third Friday, so expiration moves to Thursday. | |
| Julypast | ||
| Augustpast | ||
| SeptemberWitching daypast | ||
| October | .ics | .ics |
| November | .ics | .ics |
| DecemberWitching day | .ics | .ics |
| Month | Eurex (DAX, Euro Stoxx 50, equity options) | US exchanges (monthly options) |
|---|---|---|
| January | .ics | .ics |
| February | .ics | .ics |
| MarchWitching day | .ics | .ics |
| April | .ics | .ics |
| May | .ics | .ics |
| JuneWitching day | .ics | .icsJuneteenth (a US market holiday) falls on the third Friday, so expiration moves to Thursday. |
| July | .ics | .ics |
| August | .ics | .ics |
| SeptemberWitching day | .ics | .ics |
| October | .ics | .ics |
| November | .ics | .ics |
| DecemberWitching day | .ics | .ics |
Sources: Eurex contract specifications and trading calendar, OCC expiration calendar, NYSE holiday calendar. As of October 9, 2026. The exchanges’ own notices take precedence; if a date changes at short notice (an unscheduled market closure, say), we update the list.
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What happens on a quarterly expiration day at Eurex
On a witching day several contract types reach the end of their life at once: futures and options on the DAX and Euro Stoxx 50, plus the single-stock options and futures expiring that quarter. The name comes from the US ("triple witching", once "quadruple witching"), where several derivative types also expire together at quarter end.
| Contract | Expiring contracts stop trading | Final settlement price |
|---|---|---|
| Euro Stoxx 50 (FESX futures, OESX options) | 12:00 | Average of index calculations from 11:50 to 12:00 |
| DAX (FDAX futures, ODAX options) | 13:00 | DAX value from the Xetra intraday auction starting at 13:00 |
| Equity options (e.g. SAP, Siemens, Allianz) | 17:30 | Exercise leads to delivery of the shares |
So for index options the evening close does not matter; a single midday auction price does. A DAX option that was just in the money at 12:59 can be worthless after the auction, and the other way round. Index options settle in cash, and Eurex exercises in-the-money positions automatically (by default from 0.01 in the money, adjustable per account).
Why expiration days can get choppy
On a quarterly expiration day many participants have to trade at the same time. Anyone who does not want index futures cash-settled rolls them into the next quarter beforehand. Market makers who hedged options with shares or futures unwind those hedges as the options expire. On top of that, some participants deliberately hold positions into the final settlement price and only rebuild them afterwards.
- Heavy volume, especially in the auctions: the Xetra auction that sets the DAX settlement price and the closing auction draw unusually large order flow on these days.
- Pinning: when a lot of open interest sits at one strike, price can stay close to it in the hours before expiry, because dealers’ delta hedging dampens moves away from it. More in the gamma squeeze guide.
- Moves after settlement: once the hedges on large option positions fall away, the market can move more freely. This is not a reliable pattern, but it is a reason not to let open positions drift into the date unwatched.
US expiration days: different hours, different holidays
In the US, monthly options also expire on the third Friday. Expiring equity options trade until 4:00 pm New York time (some large ETF options such as SPY or QQQ until 4:15 pm under exchange rules). Exercise instructions must reach the clearing house, the OCC, by 5:30 pm ET; your broker will usually set an earlier cut-off.
Monthly SPX options are the exception: they last trade on the Thursday before and settle on Friday’s opening prices (AM settlement). The weekly and daily SPXW contracts settle on the close instead. The details (auto-exercise at $0.01, pin risk, weekend assignment) are in our options expiration guide.
Frequently asked questions
When is the next witching day?
The next quarterly expiration is Friday, December 18, 2026, on Eurex and the US exchanges. In 2027 it is March 19, June 18 (Thursday, June 17 in the US because of Juneteenth), September 17 and December 17.
What is the difference between a monthly and a quarterly expiration?
On the third Friday of every month the monthly index and equity options expire. In March, June, September and December the index futures expire as well, which is why trading volume is much higher on those days.
What time is the DAX settled on expiration day?
Expiring DAX futures and options trade on Eurex until 13:00 Frankfurt time. The final settlement price is the DAX value calculated from the Xetra intraday auction starting at 13:00. Euro Stoxx 50 contracts settle on the average of index values from 11:50 to 12:00.
Why is it called witching?
"Triple witching" (once "quadruple witching") is US market slang for the day three, formerly four, kinds of derivatives expire together. The "witchcraft" is the hard-to-explain price action those days sometimes bring. The German name, Hexensabbat, is a translation of the same idea.
Is expiration always on a Friday?
As a rule, yes: the third Friday of the month. If that is not a trading day on the exchange in question, expiration moves to the business day before. In the US that affects the June date in both 2026 and 2027 (Juneteenth). On Eurex no third Friday in that period is a holiday.
How do I get the dates into my calendar?
Use "Subscribe in calendar app" on this page. The feed works with Apple Calendar, Google Calendar and Outlook, needs no sign-up and updates itself if a date changes. You can also download single dates as .ics files with a reminder the day before.
Where to go next
Dates without guarantee; the notices of Eurex, the OCC and the US exchanges take precedence. This content is educational and not investment advice. Options and futures are complex instruments; you can lose the entire amount invested, and more than that when selling options or trading futures.