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There’s a new wrinkle in the options market that most traders have not picked up on yet, and it is going to fundamentally change how you approach earnings plays on the biggest names.
The exchanges recently rolled out three-times-a-week options — Monday, Wednesday and Friday — on the Magnificent Seven stocks: Amazon (AMZN), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG; GOOGL), Meta (META), Nvidia (NVDA) and Tesla (TSLA). They also added Broadcom (AVGO), iShares Bitcoin Trust (IBIT) and iShares Silver Trust (SLV) to the list.
More options expirations sounds like more opportunities right? Well, here’s the catch that’s going to surprise a lot of people.
The Critical Rule That Changes Everything
Nasdaq will not allow options expiration on earnings days for these stocks. That’s right — even with these new Monday-Wednesday-Friday expirations, you won’t have an expiration on the actual day companies like Tesla or Apple report earnings.
This isn’t a temporary rule. It applies universally to all these companies, and even if Nasdaq eventually approves daily expirations, they still will not allow expirations on earnings days. That means traders have to rethink not just individual setups but overall expectations around volatility and timing.
If you’ve relied on earnings day expirations to capture implied volatility crush, that playbook just got thrown out the window for these names. The nearest expiration you’ll get is the day before or the day after earnings, which completely changes the risk profile.
As these rules settle in, the broader market impact will become clearer. Short-term options traders will gain flexibility in day-to-day setups but will also face new constraints around earnings-season volatility management.
Strategies built around pinning action or same-day volatility collapse will need significant adjustment, especially for anyone who regularly trades the Mag Seven.
What This Means for Your 0DTE Strategy
Here’s another consideration if you’re playing the ultra-short-dated game…
If you’re trading 0DTE index options on something like SPX, your exposure stops at market close. But if you’re trading the Nasdaq 100 (QQQ), it continues to move after the close, which adds a different layer of risk when big tech names report after hours.
With expirations now restricted on earnings days, the overnight reaction becomes even more important. Traders who rely on precise timing around earnings volatility will need to accept that these short-dated products simply will not align with earnings releases anymore.
All of this is happening against a backdrop of larger market crosscurrents. Gold pushing toward $5,000 creates its own set of risks and signals that something under the surface may not be as stable as many assume.
It’s unusual that mainstream financial media isn’t addressing these pressures more directly, especially given how tightly interconnected equity volatility, currency moves and commodities have become.
The bottom line? These new Monday-Wednesday-Friday options give you more flexibility for short-term trades, but you need to be aware of how the earnings exclusion rule affects your planning. You cannot rely on that earnings day expiration anymore to manage volatility risk on the Mag Seven and these other high-profile names.
As the exchanges continue evolving the options landscape, it’s reasonable to expect that daily expirations may eventually arrive for these stocks. But even if that happens, the restriction on earnings day expirations isn’t going anywhere.
The structure of earnings trades for these names has changed permanently, and the sooner you adapt, the better positioned you will be.
Jeffry Turnmire
Jeffry Turnmire Trading
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I’m just a regular dude in Knoxville, Tennessee: a husband, father, civil engineer, urban farmer, maker and trader.
I’ve been at this trading thing with real money for 20-plus years, and started paper trading over 35 years ago. I have a knack for making some epic predictions that just may very well come true. Why share them? Because I like helping other people — it’s the Eagle Scout in me.
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
P.S. We’ve NEVER Seen Metals Move Like This
I’ve traded the bullish structure on gold for years.
And I can tell you that what we’re seeing right now, not just on gold, but the entire metals market, is unprecedented.
Never have the stars of safety, utility and national security aligned so perfectly in favor of the metals market.
That’s what set the stage for today’s live Metal Supercycle Roundtable at 2:30 p.m. ET.
We’ll walk through:
- What I’m watching right now on gold and silver
- Where liquidity and demand are surging, and
- Which signals will matter most over the next few weeks.
I’ll be joined by Alex Reid, Geof Smith, Roger Scott, and Tom Busby for a full-market discussion.
No one can make guarantees on the market…
But if you trade gold or watch it closely, this is a session you don’t want to miss.
