Expiration Date of an option

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Options contracts specify the expiration date as part of the contract specifications. For European style options, the expiration date is the date that an in the money (in profit) options contract will be exercised. For US style options, the expiration date is the last date that an in the money options contract can be exercised. Any options contracts that are out of the money (not in profit) on the expiration date will not be exercised, and will expire worthless instead. Options traders who have bought options contracts want their options to be in the money on the expiration date, and traders who have sold options contracts want their options to be out of the money and expire worthless on the expiration date.