One of the common option cycles which constitutes a series of option contracts with the same terms and features. These contracts expire successively in the months of January, April, July, and October (and hence the abbreviation J-A-J-O). Stock options, for example, are based on expiration dates that fit in a cycle (typically 9 months). The cycles are two near-term months plus two additional months from the January, February, or March quarterly cycles.