Expirations
Options expire on set dates. Mellow reads three of them: Nearest (the next one, often today or tomorrow), Next (the first at least 5 days away) and Horizon (the monthly, 2 weeks to 2 months away). The number in front of each line is the days left until it expires.
The three expirations
| Name | Which one | What it tells |
|---|---|---|
| Nearest | the first listed expiration | Today's picture. Changes fast as short-dated options open and close. |
| Next | the first one at least 5 days away | The steady picture for the coming days. The only one the state uses. |
| Horizon | the monthly (third Friday), 14 to 60 days away | The longer view. Shows — when none is listed. |
Why separate
Each expiration has its own options, so each has its own walls and gamma flip. When they agree, the level is reinforced across time; when they differ, short-term and longer positioning point to different prices.
On the chart they are drawn as a dot (Nearest), a line (Next) and a square (Horizon), spaced by days to expiry.