Why are options so volatile on expiry day?

Are these the correct reasons for options being volatile most often on expiry day?

  1. The entire pending Open interest must get squared off or else their option gets wasted/unexercised
  2. The premiums are cheaper.
  3. Cash market sentiment(Can be/ cannot be based on the market condition)

If correct, are the above the ONLY reasons why volatility is high in options market on expiry day?

Can read this, a little lengthy though.

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