Quad Witching

What quad witching is

Quad witching (or quadruple witching) is the nickname for the four days a year when several kinds of derivative contracts expire at the same time: stock options, stock index options and stock index futures, and historically single-stock futures as well. It happens on the third Friday of March, June, September and December.

The “witching” label comes from the idea that the closing hour on these days, when large positions are settled, rolled or unwound, can produce unusual trading activity. The term is market folklore, not an official designation from any exchange.

When it happens

Because the date follows a fixed rule, it can be calculated years ahead, which is why dates on this page are labelled as computed. If the exchange is closed on the third Friday, expirations move to the preceding business day.

Quad witching coincides with the regular monthly options expiration in those months, and with the effective date of the quarterly S&P index rebalance, which takes effect after the close on the same Friday. That overlap is one reason these days often see heavy trading at the close.

What expires

• Stock and ETF options: the standard monthly series, as in any month.
• Stock index options: including the standard quarterly series on major indexes, such as S&P 500 options, which are AM-settled using the opening prices of the index’s components on the expiration day, as set out in Cboe’s SPX options specifications.
• Stock index futures: the quarterly contracts on the S&P 500, Nasdaq-100, Dow and other indexes. Most traders roll their positions to the next quarterly contract in the days before expiration rather than hold to the end.
• Single-stock futures: the original “fourth witch” (see below).

Triple witching versus quad witching

Before single-stock futures existed in the United States, the quarterly coincidence of three contract types expiring was known as triple witching. When single-stock futures began trading in the U.S. in the early 2000s, the fourth contract type turned it into quadruple witching.

U.S. single-stock futures then largely disappeared. OneChicago, the main U.S. exchange for them, stopped trading in September 2020. From then on, strictly speaking only three types of contract were expiring together, and some writers went back to “triple witching”. Many others kept saying “quad witching” out of habit, and both terms are used today for the same quarterly event.

The story may have another chapter. In 2026 CME Group announced plans for new single-stock futures on large U.S. companies. Whether and when they trade, and whether they expire on the same quarterly cycle, is set by CME, so check CME Group’s own announcements and contract specifications for current details. If they do share the quarterly cycle, the “quad” label would regain its literal meaning. Either way, the name refers to the same third-Friday event, and the practical effect for most investors does not depend on which name is used.

How quad witching is said to affect markets

• Volume. Trading volume, particularly in the closing auction, is often among the highest of the quarter. That is driven by expirations, futures rolls and index rebalancing trades happening together.
• Price volatility. Heavy volume does not reliably mean large price moves. Many quad witching days are unremarkable for the index level; others are turbulent because of news that happens to fall on the same day.
• Individual stocks. Shares being added to or removed from indexes, or with large option positions expiring, may see unusual activity near the close.

None of these effects reliably points the market in either direction.

Common misreadings

• Expecting a big move. Volume rises; price direction is unpredictable.
• Thinking it is a holiday or special session. Markets keep normal hours.
• Treating the name as precise. “Triple” and “quad” witching refer to the same quarterly event, and the number of contract types involved has changed over the years.

Frequently asked questions

When is quad witching?

On the third Friday of March, June, September and December, unless the exchange is closed that day, in which case expirations move to the preceding business day.

What is the difference between triple and quad witching?

Triple witching refers to the simultaneous expiration of stock options, index options and index futures. Quad witching adds single-stock futures. Today both names are used for the same quarterly event.

Why do people still say quad witching after single-stock futures stopped trading?

Habit, mainly. The name had stuck by the time OneChicago closed in 2020. In 2026 CME Group announced plans for new single-stock futures in the U.S.; see CME Group for their current status and expiration schedule.

Does quad witching make stocks go up or down?

There is no dependable direction. The reliable feature is heavy trading volume, especially near the close.

Explainer updated November 13, 2026.