Option Expiration Cycles Explained
Option expiration cycles decide which months appear on a stock's option chain. See how the three cycle groups work and why LEAPS always land in January.
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Deep ITM LEAPS: Stock Replacement
A deep-ITM LEAPS call stands in for 100 shares at a fraction of the cash. We trace one real SPY LEAPS through its deep in-the-money life to show the trade.