Expiration
満期（限月）。オプションが消滅する期日で、この日を過ぎると本質的価値の分だけ清算されるか、無価値のまま失効する。
Expiration is the date on which an option contract ceases to exist. After the market closes on that day, the contract is either exercised, settled or simply gone, and any right it gave you disappears with it. This is why time is such a central part of an option: every day that passes, the clock ticks down through theta, and an out of the money option keeps losing value as expiration approaches.
In practice, the expiration date you choose shapes the whole trade. A weekly option is cheap but decays fast, while an option three months out costs more premium yet gives your thesis room to play out. Say you buy a call with a strike of 100 that expires this Friday and the stock is sitting at 98. If it never crosses 100 before Friday's close, the call expires worthless and you lose the entire premium.
A common mistake is holding a long option into expiration hoping for a last minute move that rarely comes. Another is forgetting that an in the money option can be auto exercised, leaving you with a stock position and a margin bill you did not plan for. Manage or close positions before that final day rather than letting expiration decide for you.
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