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In this tutorial, John McNichol discusses options expiration, focusing on rights and obligations, and how trades conclude. Expiration dates are primarily the third Friday of each month for standardized options, while weekly options may expire every Friday. The outcome of an option position depends on whether one is long or short and if the option is in or out of the money. Buyers have the right, but not the obligation, to buy or sell a stock at a specified price before expiration, while sellers are obligated to fulfill the terms of the contract. The video also covers how to avoid assignment and highlights potential risks involved in trading options.