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| A short-dated option expires the same way that an american option would expire for the month that you are using. So, for example, a short-dated option with december underlying futures and july expiration month will follow the same rules that apply to a standard july option, meaning expiration will be the last Friday, which precedes by atleast two business days the last business day of the calendar month preceding such option's named expiry month. So, looking at this year as an example, a short-dated dec option expiring in July will expire Friday, June 26th, since the 29th and 30th are business days. | |
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Using options
