Over $7 Trillion in Options Expire in 'Quadruple Witching' Day

About $7.1 trillion in notional exposure in options were due to expire Friday, the biggest ever, helping driving wilder price swings across the stock market, Bloomberg reported, citing data from Citigroup. 

"Quadruple witching" is quarterly event, when equity derivatives including index options, single stock options, index futures and stock futures expire on the same day. This time, the volume due for expiration dwarfs the scale of previous such events, CNBC reported Friday, citing Goldman Sachs. 

Goldman estimates that about $5 trillion of the expiring contracts are tied to the benchmark $S&P 500(.SPX)$  , while $880 billion are on individual stocks, far above the previous highs seen in December, the report stated. That's equal to about 10% of the $Russell 3000 Index Ishares (IWV.US)$ market capital, it said. 

About 71 million options were traded Friday, exchange data showed. As expected, $Tesla Motors(TSLA)$   attracted the heaviest trading, with 3.75 million contracts changing hands, almost two-thirds of which expired by the end of the trading day. 

$NVIDIA(NVDA)$   was right behind Tesla, with volume reaching 3.49 million contracts, about half of which expired Friday. That's followed by $Wolfspeed Inc.(WOLF)$   with 2.48 million and $Palantir Technologies Inc.(PLTR)$   with 1.15 million.

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