Weekly and Monthly Options, Trading Days and Hours in Israel
Since 5 January 2026 the Tel Aviv Stock Exchange (TASE) has traded Monday to Friday, and the expiry days of Israel's TA-35 index options (MAOF) moved with it. Today there are monthly series that expire on Fridays and weekly series that expire during the week. This guide from OptionLab (option-graph.com) collects the derivatives trading hours, the coming expiry dates from TASE's calendar, and what to check before each expiry. Everything here was checked on 19 October 2026; TASE can change it.
The Trading Week and Derivatives Hours
According to TASE's published trading schedule, derivatives open at 09:45 every trading day and close at a time that depends on the day:
| Day | Derivatives open | Derivatives close |
|---|---|---|
| Monday to Thursday | 09:45 | 17:35 |
| Friday | 09:45 | 14:00 |
| Passover and Sukkot intermediate days (except Fridays) | 09:45 | 14:35 |
On Fridays the stock market closes earlier, at 13:50, while derivatives trade until 14:00. According to the Israel Securities Authority's guide to the change, Friday hours are the same all year, in summer and winter time, and derivatives trades made on a Friday settle on Sunday. When you plan a position on option-graph.com, remember that the week's last trading ends at Friday midday.
Monthly Series: Friday Expiry
According to the TASE specification, a new monthly series opens each month for three months, so three monthly series trade at any time. TASE's derivatives calendar lists these coming expiries:
| Series | Last trading day | Expiry and settlement price fixed | Settlement |
|---|---|---|---|
| November 2026 | Thu 26 Nov 2026 | Fri 27 Nov 2026 | Sun 29 Nov 2026 |
| December 2026 | Thu 24 Dec 2026 | Fri 25 Dec 2026 | Sun 27 Dec 2026 |
| January 2027 | Thu 28 Jan 2027 | Fri 29 Jan 2027 | Sun 31 Jan 2027 |
| February 2027 | Thu 25 Feb 2027 | Fri 26 Feb 2027 | Sun 28 Feb 2027 |
| March 2027 | Thu 25 Mar 2027 | Fri 26 Mar 2027 | Sun 28 Mar 2027 |
A series trades for the last time on Thursday, and its expiry index is fixed on Friday from the opening prices of the index's stocks. Options in the money by the expiry index are exercised automatically and settled in cash. Before building a position on option-graph.com for a particular series, check its dates on the current calendar.
Weekly Series: an Expiry Every Trading Day
According to TASE's research unit, the move to daily expiries was completed in early March 2026: since then, TA-35 derivatives expire on every trading day, in the opening phase of trading. TASE's derivatives calendar shows the same for the coming months: a weekly series expires on each trading day, Monday to Friday. Each series opens about a week before its expiry, trades for the last time on the trading day before, and has its settlement price fixed on the expiry day. For example, the series that expired on Friday 16 October 2026 opened on 9 October, last traded on 15 October and settled on 18 October. Weekly strikes are 10 points apart, according to the specification. Note that TASE's own information page on weekly options still describes the previous weekdays, so the calendar is the reference. When you choose an expiry on option-graph.com, make sure it is the series you meant.
Weekly or Monthly: the Practical Difference
A weekly option costs much less than a monthly option at the same strike, because it has less time left -- and its time value also shrinks faster. The chart shows the theoretical value of an at-the-money call with the index fixed and only the days changing. The Black-Scholes calculator on option-graph.com produces values like these.
An at-the-money TA-35 call in its last two weeks
Value before expiry (Black–Scholes)
| Point | Value before expiry (Black–Scholes) |
|---|---|
| 1 | 669.3 |
| 7 | 1,821.3 |
| 14 | 2,623.5 |
- Index 4,200 (illustrative), strike 4,200, implied volatility 15%, rate 4%
- Only the days to expiry change
- Black-Scholes model: theoretical values, not market quotes
Worked example: suppose, for illustration only, that you buy a weekly 4,200 put for NIS 1,500 (30 points). If the expiry index is 4,150, the put pays 50 points, NIS 2,500, and the result is +NIS 1,000. If the expiry index is 4,220, the put expires worthless and the result is −NIS 1,500. With one week there is little room for error, so know the breakeven -- 4,170 -- in advance. You can enter this position on option-graph.com to see it on the chart.
Holidays and Intermediate Days
According to TASE, trading takes place Monday to Friday and clearing Sunday to Friday, except on the vacation days TASE publishes in advance for each year. On the intermediate days of Passover and Sukkot trading is shortened, and derivatives close at 14:35. Holidays can move expiry dates -- the September 2026 monthly series, for example, expired on Thursday 24 September rather than a Friday -- and the derivatives calendar shows the adjusted dates -- so before each expiry, check both the vacation schedule and the calendar. Once the date is known, check the result at expiry for several index levels on option-graph.com.
What to Check Before Expiry Day
- The series' last trading day and closing time -- 14:00 on Fridays.
- Whether a holiday or intermediate holiday day moves dates or shortens trading, per TASE's vacation schedule.
- Where the live index stands against your strikes, and what happens if the expiry index opens far from it.
- Whether to hold to expiry or close before the end of trading, and what each choice does to the result on option-graph.com.
Risks and Limitations
Dates and hours are set by TASE and can change, and outdated information pages can mislead; always check the current derivatives calendar. Weekly options are cheap but can lose all their value within days. Options are not suitable for every investor. OptionLab (option-graph.com) is an educational and analytical tool and does not provide investment advice.
Summary
- Since 5 January 2026 TASE trades Monday to Friday; derivatives trade 09:45–17:35, and until 14:00 on Fridays.
- Monthly series expire on Fridays and last trade on the Thursday before.
- On the current calendar, weekly series expire on every trading day.
- The expiry index is fixed on expiry day from opening prices; settlement is booked on Sunday after a Friday expiry.
- Check the series on TASE's calendar and the scenarios on option-graph.com before every expiry.