An option cycle defines the sequence of months in which the expiration dates of an option (stock option) can occur. To that effect, three cycles exist. (1) The January cycle consists of the months of January, April, July, and October. (2) The February cycle consists of the months of February, May, August, and November. Finally, (3) the March cycle consists of the months of March, June, September, and December.

For LEAPS on stocks, the expiration dates are always in January.