For a good portion of my life, I avoided taking vacation days on the third Friday of a month. Options expired on a monthly basis, typically on those third Fridays, and the concentration of expiring options had the potential to increase volatility, both in the market as a whole and for our proprietary positions. And in the last month of each quarter, those expirations were even more critical – the unpredictability of quarterly expirations led to the nickname of “triple witching” days.
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