Expiration Months

Stock options usually list the following expiration months:
1. Current month
2. Next month
3. Stock's Expiration Cycle months
4. LEAPS options 

Stock options are offered in expiration cycles.

There are 4 months within each expiration cycles. Each stock has to determine their expiration cycle from a choice of three expiration cycles:
1. January - April - July - October         (e.g. AAPL)
2. February - May - August - November    (e.g. SLB)
3. March - June - September - December    (e.g. RIMM)

On Feb 2009, AAPL options are trading with the following expiration months:
(a) Feb 2009 – current month
(b) Mar 2009 – next month
(c) Apr 2009 – an expiration cycle month
(d) Jul 2009 – an expiration cycle month
(e) Jan 2010 – an expiration cycle month (also a LEAPS option)
(f) Jan 2011 – a LEAPS option

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