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BREAKING DOWN 'Expiration Date (Derivatives)'. The expiration date for all listed stock options in the United States is normally the third Friday of the contract month, which is the month when the contract expires.However, when that Friday falls on a holiday, the expiration date is on the Thursday immediately before the third Friday.Once an options or futures contract passes its expiration date, the contract is invalid.owever, when that Friday falls on a holiday, the expiration date is on the Thursday immediately before the third Friday. Once an options or futures contract passes its expiration date, the contract is invalid.
The VIX provides a 30-day expectation of volatility, but the volatility estimate from SPX options changes in duration every day. For example, on May 1, 2013 the May SPX options, expiring on the 17th, provide a 16-day estimate of volatility, while the June options, expiring June 21st provide a 51-day estimate.