Quadruple Witching
Like triple witching but adds the expiration of single-stock futures — the four simultaneous derivative expirations on quarterly expiry Fridays.
Quadruple witching refers to the simultaneous expiration of four derivative classes: stock index futures, stock index options, single-stock options, and single-stock futures. In practice, single-stock futures have low volume in the US, so quadruple witching days behave very similarly to triple witching days.
The term is sometimes used interchangeably with triple witching to describe any quarterly expiry Friday. The key practical impact is the same: elevated volume, potential for outsized moves around the open, and caution for traders carrying open positions into the settlement auction.
Related Terms
Cash Settlement
A settlement method where no physical asset changes hands at expiration — the contract settles to a final index or reference price in cash.
BeginnerExpiration
The date on which a futures contract reaches the end of its life and is either cash-settled or triggers physical delivery.
BeginnerTriple Witching
The quarterly expiration of stock index futures, stock index options, and individual stock options simultaneously on the third Friday of March, June, September, and December.
Intermediate