The expiration date is the last day an option owner has to decide whether to exercise.
An American-style option holder has the flexibility to use their right at any time to buy (in the case of a call) or sell (in the case of a put) the underlying shares of stock. A European-style option holder can only use their privilege at expiration.
The definition of "expiration" is "the ending, termination." However, the dictionaries go on to say that it is specifically used to denote the end of a time or period established by law. "Expiry" is also described as the end or termination.
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