{"id":201370,"date":"2024-01-19T11:30:00","date_gmt":"2024-01-19T16:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=201370"},"modified":"2024-01-23T10:42:53","modified_gmt":"2024-01-23T15:42:53","slug":"todays-expiration-clears-the-decks","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/options\/todays-expiration-clears-the-decks\/","title":{"rendered":"Today&#8217;s Expiration Clears the Decks"},"content":{"rendered":"\n<p>Today is a monthly options expiration.&nbsp; <a href=\"\/campus\/traders-insight\/securities\/options\/monthly-expirations-2x-the-0dte-plus-ndx-rebalancing\/\">We\u2019ve discussed at length<\/a> how the advent of weekly and daily expirations has reduced, but not eliminated the importance of monthly expirations, there is a unique feature about January\u2019s monthly expiration.&nbsp; This is the day when a large number of LEAPS, some of which have been around since 2020, finally go off the board.<\/p>\n\n\n\n<p>In and of itself, this is not a huge deal.&nbsp; It has high significance for those who concern themselves with clearing and the throughput of data, it should be taken relatively in stride by customers who trade options.&nbsp; Here\u2019s why.<\/p>\n\n\n\n<p>Over time, some of those options have migrated to become deep in-the-money or out-of-the-money.&nbsp; Much of that delta has been hedged for quite some time.&nbsp; Many deep calls on dividend-paying stocks have been exercised, and because interest rates rose during the past couple of years, so have many deep puts.&nbsp; As time elapsed, the remaining near-the-money LEAPS simply became indistinguishable from normal options that expire today.&nbsp;<\/p>\n\n\n\n<p>Yet there is still a significant number of existing strikes and open interest that will disappear after today.&nbsp; I took a glance at Tesla (TSLA), which is perhaps the most extreme example of a stock whose huge trading range over recent years has led to an inordinate number of strikes.&nbsp; The expiring strikes on this $208 stock range from $1.67 to $825.&nbsp; While the vast majority of deep in-the-money puts have been exercised, the expiring open interest comprises a wide range of calls (over 1,100 on the $1.67 strike to over 125K on the $825 line) and out-of-the-money puts (almost 35K on the $1.67 line alone).&nbsp; In total, we will be shedding over 225 strikes and just under 3 million contracts on just the expiring TSLA contracts alone.<\/p>\n\n\n\n<p>As a result, those who track open interest should see a significant drop on Monday.&nbsp; And if you\u2019re heavily concerned with data latency, that might improve slightly, though it should be imperceptible to most users.<\/p>\n\n\n\n<p>In the meantime, we see key indices trading at or near record highs.&nbsp;&nbsp; The NASDAQ 100 (NDX) closed at one yesterday, and as I write this the S&amp;P 500 (SPX) is trading at levels that would also set a new record.&nbsp; Considering our recent tendency to see late-day rallies, <a href=\"\/campus\/traders-insight\/securities\/technical-analysis\/freaky-friday-another-spy-closing-ramp-or-gamma-squeeze\/\">especially on Fridays<\/a>, when <a href=\"\/campus\/traders-insight\/securities\/options\/friday-the-day-when-weekly-options-become-0dte\/\">weekly options also become 0DTE<\/a>, it would not be a huge surprise to see an assault on those records.&nbsp; Never mind that as I write this, declining stocks are outpacing advancers.&nbsp; <a href=\"\/campus\/traders-insight\/securities\/stocks\/checking-in-on-divergences\/\">It matters more that the <em>correct<\/em> stocks are advancing<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today is a monthly options expiration. There is a unique feature about January&#8217;s monthly expiration. 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This is the day when a large number of LEAPS, some of which have been around since 2020, finally go off the board.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/todays-expiration-clears-the-decks\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-19T16:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-23T15:42:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/options-trading-featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" 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