OPEN-SOURCE SCRIPT
Adjustable Monthly OpEx & Triple Witching - Spectre Trades
The Adjustable Monthly OpEx & Triple Witching indicator is designed to help traders quickly identify important equity-index expiration dates directly on their chart.
The indicator automatically marks the third Friday of each month, which is the traditional expiration date for many monthly stock and index options. It also separately identifies the quarterly expiration dates that occur in March, June, September, and December. These quarterly dates are commonly associated with triple witching and can involve increased trading volume, contract rollover activity, institutional rebalancing, option hedging, and sudden changes in volatility.
Rather than predicting market direction, this indicator provides visual context. Expiration sessions can produce price pinning near major option strikes, sharp reversals, compressed price action, stop runs, or late-session volatility. Traders should continue to rely on their normal market structure, liquidity, volume, and price-action confirmation before entering a trade.
The indicator is highly customizable. Users can independently adjust the appearance of regular monthly OpEx sessions and quarterly triple-witching sessions. Background colors, transparency, labels, label wording, text size, marker position, vertical lines, session highlighting, time zone, alerts, and individual month visibility can all be modified through the indicator settings.
For futures traders, the indicator uses the trading session’s closing date so that an overnight session beginning Thursday evening can still be associated with the correct Friday expiration date. This makes it especially useful for ES, MES, NQ, and MNQ charts.
The indicator is best used as a market-awareness tool. On expiration days, traders may consider reducing position size, waiting for stronger confirmation, avoiding assumptions about directional bias, and being more selective around major liquidity levels and round-number prices.
This indicator does not provide buy or sell signals and should not be used as a standalone trading system. It is intended to highlight dates when expiration-related positioning may influence normal price behavior.
The indicator automatically marks the third Friday of each month, which is the traditional expiration date for many monthly stock and index options. It also separately identifies the quarterly expiration dates that occur in March, June, September, and December. These quarterly dates are commonly associated with triple witching and can involve increased trading volume, contract rollover activity, institutional rebalancing, option hedging, and sudden changes in volatility.
Rather than predicting market direction, this indicator provides visual context. Expiration sessions can produce price pinning near major option strikes, sharp reversals, compressed price action, stop runs, or late-session volatility. Traders should continue to rely on their normal market structure, liquidity, volume, and price-action confirmation before entering a trade.
The indicator is highly customizable. Users can independently adjust the appearance of regular monthly OpEx sessions and quarterly triple-witching sessions. Background colors, transparency, labels, label wording, text size, marker position, vertical lines, session highlighting, time zone, alerts, and individual month visibility can all be modified through the indicator settings.
For futures traders, the indicator uses the trading session’s closing date so that an overnight session beginning Thursday evening can still be associated with the correct Friday expiration date. This makes it especially useful for ES, MES, NQ, and MNQ charts.
The indicator is best used as a market-awareness tool. On expiration days, traders may consider reducing position size, waiting for stronger confirmation, avoiding assumptions about directional bias, and being more selective around major liquidity levels and round-number prices.
This indicator does not provide buy or sell signals and should not be used as a standalone trading system. It is intended to highlight dates when expiration-related positioning may influence normal price behavior.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.