Last Trading Day-Options
The last business day before the option's expiration date during which purchases and sales of options can be made. For equity options, this is generally the third Friday of the expiration month. If the third Friday of the month is an exchange holiday, the last trading day is the Thursday immediately preceding the third Friday.
Once the expiration date occurs, all contracts in the money by at least one penny are automatically exercised. As the owner of an options contract this is the last day you have to retain the rights that go along with owning a call or a put.
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