A series of option contracts with the same terms that expire successively. Generally speaking, an option cycle includes one and only one contract in each quarter. Common option cycles are JAJO (January, April, July, and October), FMAN (February, May, August, and November), and MJSD (March, June, September, and December).
The series of months during which option contracts expire. Options for a particular stock or index generally expire on the same four months every year plus the current and following month.