Quarterly options are contracts that expire every three months: March, June, September, and December (called LEAPS sometimes when they're a full year out).
Expiration: Third Friday of March, June, September, December
Time: Much more time than monthly options
Theta Decay: Slow early, accelerates toward expiration
Liquidity: Lower than monthlies, wider bid-ask spreads
Price: More expensive than monthlies (more time value)
Long Theses: If you think a trend will take 2-3 months to play out, quarterly options give you time without re-entering.
LEAPS: Quarterly options that are a year or more out (January or later expiration) are often called LEAPS.
Compounding: Income traders can run multiple monthly cycles while holding one quarterly position.
Reduced Rolled: Instead of rolling every month, roll every three months (fewer commissions).
Related: Monthly Options, Weekly Options, LEAPS, Theta Decay
