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Quadruple Witching Day in the U.S. Market and the 2025 Schedule

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quadruple witch


Anyone interested in the stock market may have heard of “Quadruple Witching Day.” On this specific day in the U.S. markets, multiple derivatives reach maturity at the same time, often causing a surge in trading volume and heightened volatility. Some investors—especially those from outside the U.S.—refer to it as “the day when four witches appear,” cautiously watching or seizing opportunities amid the price swings. In this post, let’s clarify what Quadruple Witching Day is and share the dates for Quadruple Witching in 2025 in more detail.

1. What Is Quadruple Witching Day?

(1) Four Types of Derivatives Maturing Simultaneously

  • Quadruple Witching Day occurs when these four derivatives all expire at once in the U.S. market:

    1. Stock index futures
    2. Stock index options
    3. Individual stock options
    4. Individual stock futures

  • Previously, there was “Triple Witching,” but with the addition of single-stock futures, it evolved into the “Quadruple” event—hence, the name “Quadruple Witching Day.”

(2) How It Impacts the Market

  • When multiple derivatives settle on the same day, participants scramble to finalize or roll over their positions, resulting in high trading volume and potentially sharp price volatility.
  • Not every Quadruple Witching Day leads to wild price swings, but historically, these days often see bigger market moves than usual due to concentrated order flows.

2. Typical Timing and Characteristics

(1) Occurs on the Third Friday of Every Quarter

  • Quadruple Witching takes place on the third Friday of March, June, September, and December.
  • That’s when stock index futures and options typically settle, and now single-stock options and futures match that same schedule.

(2) Intraday Volatility Near the Close

  • Since final settlement prices for options and futures are determined by the last trading quotes, a surge of buy/sell orders often arrives close to market close. This can cause sudden up or down moves in the final minutes.

3. Quadruple Witching Dates for 2025

(1) Quarterly Third Friday in 2025

  • 1st Quarter (March): March 21 (Friday)
  • 2nd Quarter (June): June 20 (Friday)
  • 3rd Quarter (September): September 19 (Friday)
  • 4th Quarter (December): December 19 (Friday)

On these four dates, all four derivatives—index futures, index options, single-stock options, and single-stock futures—reach expiration simultaneously. That can spark higher volume and volatility than on typical days.

(2) The Same Core Rule Each Year

  • The standard rule “every third Friday of March, June, September, and December” remains consistent annually, so verifying the specific dates in any given year is straightforward. For 2025, you can mark these on your calendar as listed above.

4. Investor Cautions and Approaches

(1) Heightened Intraday Swings

  • On Quadruple Witching Day, aggressive buying or selling near the close can produce sharp moves in certain stocks or indexes. Short-term traders should beware of intraday volatility, especially in the final hour.

(2) Less Concern for Long-Term Holders

  • Long-term investors may not need to overreact to short-lived volatility. Without a fundamental reason (like earnings or macro news), a fleeting price shift may be noise. However, if you hold derivatives positions, planning for rollover or settlement is crucial.

(3) Preparation

  • If you actively use futures or options, decide whether to roll over the expiring positions or close them out before the expiration date. If you only hold spot equities, you might not need any special action, beyond being aware that prices can fluctuate more on this day.

Conclusion

Quadruple Witching Day is an event on the third Friday of March, June, September, and December when stock index futures/options and single-stock futures/options expire together in the U.S. market. On these dates—March 21, June 20, September 19, and December 19 in 2025—trading volume tends to spike, and short-term volatility can increase.
This does not guarantee a huge rally or crash every time, but the unusual confluence of expiring derivatives frequently triggers bigger-than-usual moves. Short-term traders might find opportunities or risks, while long-term investors usually look past the noise unless they hold derivative positions themselves. Remember, market fundamentals and macroeconomic factors still shape the broader trend, and Quadruple Witching is just one piece of the puzzle.