Essential

MJSD

March, June, September, December: the four months when futures and options contracts typically expire.

Definition

MJSD refers to March, June, September, and December, the quarterly months in which most standardised futures and options contracts reach their expiration dates. These quarterly cycles create predictable periods of increased trading activity and volatility as traders roll positions from expiring contracts into the next quarter.

How It Works

Most exchange-traded futures and options follow quarterly MJSD expiration cycles
Traders either close positions, exercise options, or roll into the next quarterly contract before expiry
Rolling creates temporary surges in volume that can distort prices in the expiring contract
Triple witching occurs on the third Friday of each MJSD month when stock options, index options, and index futures all expire

Trading Tips

Mark MJSD expiration dates on your calendar. Volatility and volume spike in the days leading up to expiry.

Spreads can widen and slippage can increase during the final hours before expiration

Even if you trade spot forex, MJSD expirations matter because institutional hedging flows spill into spot markets

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