This image illustrates the percentage of S&P 500 listed volume expiring within 24 hours, segmented by expiration type, over various quarters. Here's a detailed analysis:

Expiration Types:
- **3rd Friday AM (Dark Blue)**: Options expiring on the third Friday morning of each month.
- **3rd Friday PM (Gray)**: Options expiring on the third Friday afternoon of each month.
- **Weekly Friday (Light Blue)**: Options expiring on each Friday.
- **Month-End (Green)**: Options expiring at the end of each month.
- **Dailies (Light Gray)**: Options expiring daily.

Observations:
- **Growth Over Time**: There is a noticeable increase in the percentage of options volume expiring within 24 hours as time progresses.
- **Recent Quarters**: The latest quarters show a significant rise in the volume of options expiring within 24 hours, particularly driven by 3rd Friday PM and weekly Friday expirations.
- **Percentage Contribution**:
  - **3rd Friday PM** expirations contribute the largest share, reaching close to 40-45% in the most recent quarters.
  - **Weekly Friday** expirations also see a notable increase, contributing around 15-20% in recent quarters.
  - **3rd Friday AM**, **month-end**, and **dailies** have relatively smaller but steady contributions.

Key Trends:
- **Third Friday Expirations**: Both AM and PM expirations on the third Friday of each month are crucial, with PM expirations being particularly dominant.
- **Weekly Expirations**: Weekly Friday expirations are increasingly popular, reflecting the trend toward shorter-term options trading.
- **Daily Expirations**: While daily expirations contribute less, they are still significant and steadily increasing.

Market Implications:
- **Increased Volatility**: Higher volumes of expiring options can lead to increased volatility due to last-minute position adjustments by traders.
- **Strategic Trading**: Traders might focus on these key expiration dates for potential opportunities or risks associated with heightened market activity.
- **Liquidity Considerations**: Understanding the distribution of option expirations can help traders plan their entry and exit strategies to leverage or avoid periods of low liquidity and high volatility.

This analysis provides insight into how the distribution of option expirations can impact market behavior and offers guidance for strategic trading around these key dates.