Last trading day
The last trading day is one day prior to the expiration date of a derivatives contract. The last trading day is the final day you can trade or close out your position before the commodity is delivered or settled in cash the following day. Once the last trading day passes, the derivative is no longer tradable, and the settlement process begins.
What is the last trading day for futures and options?
For futures and options, the last trading day is the last chance investors have to trade or close out of a contract before the contract is settled by delivery of the underlying asset.