When do equity options expire?

Equity options expire on the third Friday of the expiration month at 11:59 p.m. Eastern Time. This timing is important for options traders as it marks the final opportunity to exercise the option or to settle any positions.

The expiration occurring on the third Friday allows for a consistent schedule that traders can anticipate each month, leading to better planning and strategy implementation. Training in options trading requires understanding how and when these expirations occur, as they can significantly impact an investor's decision-making process.

Other choices suggest either the wrong day of the month or an incorrect time for expiration. The option that mentions the last Friday does not align with the standard expiration date for equity options, which is firmly set on the third Friday to provide clarity and uniformity in the options market.