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Just how many options actually expire worthless?
Posted: May 3, 2022 23:31
Photo by Gary Chan on Unsplash
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Overall statistics for all Options Months from Aug 2021 to Apr 2022 are given just after the small section below.


Options Trading is included in our Trading and Investing Strategies online course.

The course is built on proven strategies which will help you increase your returns substantially, make informed decisions, and understand markets better.

Options are included in the course because of the many solutions they offer. Options are taught at a complete beginner level, and slowly taken to professional trading strategies. As with other topics in the course, participants receive powerful spreadsheets which they can continue to use forever.



Analysis of option expiry month ending 28 April 2022

67089 contracts were listed on 01 April 2022. 22386 of these had an expiry date of 28 April 2022 of which 6876 were traded.

(a) 69449 contracts were listed in the 28 April 2022 bhav copy.
(b) 23256 of those contracts expired that day.
(c) 11626 of the expired contracts closed with a profit (calls closing above the strike price, and puts below).
(d) 11630 closed worthless (calls closing below the strike price, and puts above).
(e) 8283 of the expiring options traded (at least one contract) that day.
(f) 3227 of these traded contracts closed with a profit, and 5056 expired worthless.

22386 options expiring on Apr 28 existed on Apr 01, of which 6836 were traded on both days. 1240 (18.1%) of these finished with a gain, 997 (14.6%) made a loss but did not finish worthless, and 4598 (67.3%) expired worthless.

The biggest gainer was OPTSTKINFY28-APR-2022PE1660 which went up 23.45 times.
The underlying (Infosys) lost 16.86% over the same period.
The top 20 option gainers were made up of 8 calls and 12 puts. The calls all belonged to Ambuja Cement (8), and the puts to Infosys (8), L&T Infotech (3) and L&T Tech Services (3). They all went up more than 11.6 times.
The top performing call was OPTSTKAMBUJACEM28-APR-2022CE355. It went up 21.81 times. Ambuja Cement gained 25.71% over the month.
78 options went up five times or more.



Analysis of option expiry month ending 31 March 2022

67383 contracts were listed on 25 February 2022. 21685 of these had an expiry date of 31 March 2022 of which 6460 were traded.

(a) 69895 contracts were listed in the 31 March 2022 bhav copy.
(b) 22619 of those contracts expired that day.
(c) 11308 of the expired contracts closed with a profit (calls closing above the strike price, and puts below).
(d) 11311 closed worthless (calls closing below the strike price, and puts above).
(e) 8282 of the expiring options traded (at least one contract) that day.
(f) 3205 of these traded contracts closed with a profit, and 5077 expired worthless.

21685 options expiring on Mar 31 existed on Feb 25, of which 6425 were traded on both days. 1201 (18.7%) of these finished with a gain, 1013 (15.8%) made a loss but did not finish worthless, and 4210 (65.5%) expired worthless.

The biggest gainer was OPTSTKGNFC31-MAR-2022CE650 which went up 54.01 times.
The underlying (GNFC) gained 54.55% over the same period.
The top 20 option gainers were all calls, and belonged to GNFC (8), Jindal Steel (6), Intellect Design Arena (3) and ITC (3). They all went up more than 18 times.
The top performing put was OPTSTKBIOCON31-MAR-2022PE360. It went up 6.19 times. Biocon lost 14.95% over the month.
209 options went up five times or more.



Analysis of option expiry month ending 24 February 2022

69201 contracts were listed on 28 January 2022. 23276 of these had an expiry date of 24 February 2022 of which 6860 were traded.

(a) 71603 contracts were listed in the 24 February 2022 bhav copy.
(b) 24266 of those contracts expired that day.
(c) 12128 of the expired contracts closed with a profit (calls closing above the strike price, and puts below).
(d) 12138 closed worthless (calls closing below the strike price, and puts above).
(e) 8542 of the expiring options traded (at least one contract) that day.
(f) 3326 of these traded contracts closed with a profit, and 5216 expired worthless.

23276 options expiring on Feb 24 existed on Jan 28, of which 6860 were traded. 1827 (26.6%) of these finished with a gain, 589 (8.6%) made a loss but did not finish worthless, and 4444 (64.8%) expired worthless.



Analysis of option expiry month ending 27 January 2022

67595 contracts were listed on 31 December 2021. 22056 of these had an expiry date of 27 January 2022 of which 5954 were traded.

(a) 73121 contracts were listed in the 27 January 2022 bhav copy.
(b) 23670 of those contracts expired that day.
(c) 11833 of the expired contracts closed with a profit (calls closing above the strike price, and puts below).
(d) 11837 closed worthless (calls closing below the strike price, and puts above).
(e) 8496 of the expiring options traded (at least one contract) that day.
(f) 3261 of these traded contracts closed with a profit, and 5235 expired worthless.

22056 options expiring on Jan 27 existed on Dec 31, of which 5930 were traded. 1497 (25.2%) of these finished with a gain, 585 (9.9%) made a loss but did not finish worthless, and 3848 (64.9%) expired worthless.



Analysis of option expiry month ending 30 December 2021

63790 contracts were listed on 26 November 2021. 20818 of these had an expiry date of 30 Dec 2021 of which 6181 were traded.

(a) 66492 contracts were listed in the 30 December 2021 bhav copy.
(b) 21656 of those contracts expired that day.
(c) 10817 of the expired contracts closed with a profit (calls closing above the strike price, and puts below).
(d) 10839 closed worthless (calls closing below the strike price, and puts above).
(e) 7691 of the expiring options traded (at least one contract) that day.
(f) 2886 of these traded contracts closed with a profit, and 4805 expired worthless.

20676 options expiring on Dec 30 existed on Nov 26, of which 6124 were traded. 1185 (19.4%) of these finished with a gain, 942 (15.4%) made a loss but did not finish worthless, and 3997 (65.3%) expired worthless.



Analysis of option expiry month ending 25 November 2021

65990 contracts were listed on 29 October 2021. 22526 of these had an expiry date of 25 November 2021 of which 6382 were traded.

(a) 68150 contracts were listed in the 25 Nov 2021 bhav copy.
(b) 23254 of those contracts expired that day.
(c) 11625 of the expired contracts in-the-money (settlement price above the strike price, and puts below).
(d) 11629 expired worthless (settlement below the strike price, and puts above).
(e) 7875 of the expiring options traded (at least one contract) that day.
(f) 2828 of these traded contracts closed in-the-money, and 5047 expired worthless.

22468 options expiring on Nov 25 existed on Oct 29, of which 6379 were traded. 941 (14.8%) of these finished with a gain, 1089 (17.1%) made a loss but did not finish worthless, and 4349 (68.2%) expired worthless.



Analysis of option expiry month ending 28 October 2021

61238 contracts were listed on 01 October 2021. 20122 of these had an expiry date of 28 October 2021 of which 6211 were traded. 19472 appear in the returns sheet.

(a) 69014 contracts were listed in the 28 October 2021 bhav copy. (b) 22750 of those contracts expired that day. (c) 11374 of the expired contracts closed with a profit (calls closing above the strike price, and puts below). (d) 11376 closed worthless (calls closing below the strike price, and puts above). (e) 8711 of the expiring options traded (at least one contract) that day. (f) 3111 of these traded contracts closed with a profit, and 5600 expired worthless.

20122 options expiring on Oct 28 existed on Oct 01, of which 6133 were traded. 1009 (16.5%) of these finished with a gain, 933 (15.2%) made a loss but did not finish worthless, and 4191 (68.3%) expired worthless.



Analysis of option expiry month ending 30 September 2021

52356 contracts were listed on 27 August 2021. 17016 of these had an expiry date of 30 September 2021 of which 5108 were traded.

(a) 59236 contracts were listed in the 30 September 2021 bhav copy. (b) 19218 of those contracts expired that day. (c) 9607 of the expired contracts closed with a profit (calls closing above the strike price, and puts below). (d) 9611 closed worthless (calls closing below the strike price, and puts above). (e) 7751 of the expiring options traded (at least one contract) that day. (f) 2862 of these traded contracts closed with a profit, and 4889 expired worthless.

17016 options expiring on Sep 30 existed on Aug 27, of which 5072 were traded. 1314 (25.9%) of these finished with a gain, 531 (10.5%) made a loss but did not finish worthless, and 3227 (63.6%) expired worthless.



Analysis of option expiry month ending 26 August 2021

50122 contracts were listed on 30 July 2021. 16744 of these had an expiry date of 26 August 2021 of which 5008 were traded.

(a) 53654 contracts were listed in the 26 August 2021 bhav copy. (b) 17852 of those contracts expired that day. (c) 8925 of the expired contracts closed with a profit (calls closing above the strike price, and puts below). (d) 8927 closed worthless (calls closing below the strike price, and puts above). (e) 6453 of the expiring options traded (at least one contract) that day. (f) 2409 of these traded contracts closed with a profit, and 4044 expired worthless.

16744 options expiring on Aug 26 existed on Jul 30, of which 5008 were traded. 1277 (25.5%) of these finished with a gain, 534 (10.7%) made a loss but did not finish worthless, and 3197 (63.8%) expired worthless.

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