Expiration Date in Options

All options have an expiration date. In US options all the options expire at 11:59 (23:59) on the Saturday following the 3^rd Friday of the month. After the expiration date the option is no longer in existence, namely the contract to the rights of buying or selling a stock has become void.

The moment that a an options contract is bought or sold, the countdown toward expiration begins. So, while stocks exist without an expiration date, all options expire within a month or sometimes later.

Tip: An options contract with a longer expiration period is more valuable.