This is generally where you'll see 1,000% moves on the premiums. Theta (Decay Specifically) Strikes that are far ITM or OTM have lower extrinsic value, thus lower theta Decision point.

The longer the time to expiration the more expensive the option will be. The rate of option time decay (Theta) increases with about 30 days until expiration for out of the money (OTM) options. Why?

If the option has two months to expiration and a theta of -$0.05, it should theoretically lose $0.05 in value per day. Now, this assumes that the underlying stock price stays the same.

Investors can use the Greeks to measure risk affecting an option's price. These five metrics – delta, gamma, theta, vega and rho – fluctuate both independently and in conjunction to determine ...