theta meaning options

So your total profit is $415 ($2,115 – $1,700). Hence the importance of picking the right strike price. They uses time as an ingredient in deciding the premium for a particular strike price. Hence the need to study them well. Theta is an attempt to quantify this fact. Theta options will always be negative for long options and have zero time value at expiration. Even making the best trade can take a loss. Because, all other things being equal, you’ll lose money every day when you buy an option. Day Trade Watch List – Updated Daily by 9 PM EST! However, the leaching of time is like embezzling from the option. Theta is the daily decay of an option’s extrinsic value. Time decay will increase as the contract gets closer to its expiration date. Daily investment news and alerts on widely-held stocks and in-depth analysis of the latest events impacting the market. 0. As a rule of thumb, the closer an option gets to its expiration date, the more it will drop in value. To understand theta, we need to first know the difference between the intrinsic and extrinsic value of an option. Credit spreads naturally carry a positive theta, meaning they benefit from the passage of time. You see that next month’s $346 call option is trading for $21.15 right now. Should you ride it out for more profit or not? Theta measures time decay. November 27, 2018 Implied volatility is implying the volatility that will take place. As a result, a trade can look good on paper. So that means options theta ends up being good for sellers and bad for buyers. If you're buying options contracts you can add theta to your options chain. Second-order Greeks measure how fast first-order Greeks (delta, rho, vega, theta) change due to underlying conditions such as price fluctuations or interest rate changes. At the money options have the same strike price as the current stock price. In other words, there’s less opportunity for a wild swing in the price of the security. If an option is ITM at expiration, investors could profit with call options because the market price is higher than the strike price. Theta deals in time decay. As the underlying security moves further away from the strike price, meaning the option is going into-the-money or out-of-the money, the Theta value gets lower. Information on Options Theta. Negative Theta, on the other hand, occurs for the buyers of options. Buy Write Covered Call Strategy Explained. Trade Alert “Setups” – Updated Daily By 9 PM! How does a long call spread strategy work? In a nutshell, theta is a measurement of time decay. This daily loss • As a result, there’s less demand for them on the open market because nobody wants to buy an option that will probably expire worthless. The probability of those options reaching their intended stock price is much lower. As an options contract gets closer to expiration, it naturally decreases in value. All information provided on the Investing Daily network of websites is It helps a trader calculate the change in the value of an option with each passing day. The way-in-or-way-out-of-the-money values are much less likely. The reason for this is that theta assumes implied volatility and price movement will be constant. That doesn't mean you'll make the perfect trade every time however. The at-the-money values are the most likely. However, if they don't then theta has to be discounted over a short period of time. By choosing to continue, you will be taken to , a site operated by a third party. Theta is the time decay factor i.e., the rate at which option premium loses value with the passage of time as we near expiry. They have expiration dates. It'll tell you how much an option declines in price each day. However, they do give up to 2 years worth of expiration dates you can take advantage of. theta meaning: 1. the eighth letter of the Greek alphabet 2. the eighth letter of the Greek alphabet. Theta is represented in an actual dollar or premium amount and may be calculated on a daily or weekly basis. A theta of -0.2836 means that the call option will decrease about 28 cents in value every day. The theta will decrease even more as you get closer to expiration. Each contract is assigned a theta value at the time of creation. Options Strategy Lessons. The reason for that is because extrinsic value is low an in and out of the money options. Options are decaying assets and theta plays a key role with options losing time value. The fact that an option has an expiration date has given rise to the concept of Theta. Knowing what option theta is all about is going to have you trading options more successfully in the long run! That’s not a linear drop, though. the purchase or sale of securities. Options give you the right but not the obligation to buy or sell a stock at a set price. A theta of -0.2836 means that the call option will decrease about 28 cents in value every day. You've successfully been signed up for our free e-Letter(s)! Conversely, theta goes up dramatically as options near expiration as time decay is at its greatest during that period. You buy back the call option for $17.00. Key features on what is options theta is and how it's calculated: Measures the sensitivity of the decline in extrinsic value with time passage. In this guide, I’ll explain theta so you’ll know how to use it when you consider trading stock options. Time decay is also called theta and is known as one of the options Greeks.Other Greeks include delta, gamma, vega, and rho, and these formulas help you assess the risks inherent with an options … In the money options are more expensive because they're typically at a price that the stock has surpassed. While you are deciding when to exercise your option, time, also known as theta, is flowing into the sellers side of the hourglass. Learn more. An Option Theta measures the rate of decline in a stock option due to the passage of time. That’s why it’s a great idea to go long on an option when you have a reason to believe that the stock price will move significantly one way or the other. Such options trading strategies include the well known Calendar Call Spread and all its variants. By ID Analysts You check out the details of the call option that you’re thinking about purchasing. However, it is continuous because time never stops moving. The video above explains the importance of theta and how to make time decay work in your favor when trading options. You remember that pigs get fat and hogs get slaughtered, so you decide not to be too greedy and take your win. A 3-month option, for example, stops existing after 3 months. You think it’s going to stay the same over the next month, so you’d like to make some money off of time decay. That’s why options analysts frequently use the phrase “all other things being equal” when discussing theta (or any of the other Greeks). Vanna is a second-order Greek, meaning that it is a second-order partial derivative of options prices with respect to different variables. Simply put, Theta tells you how much the price of an option should decrease as the option nears expiration. For this reason, it’s better to think of theta decay from the bigger scheme of things. Of course, if the underlying stock price drops dramatically or rises significantly, that will affect the option price as well. You like the sound of that so you move forward with the trade. Think of it as an hourglass. Theta is an important factor in deciding option pricing. When out-of-the-money options near expiration date, it becomes less likely that they’ll ever get in-the-money. Theta is one of “the Greeks,” or statistical values identified by Greek letters that traders use to evaluate stock options. The option Theta value estimates how much of this value will erode by tomorrow. That buy-back costs you $1,700 ($17.00 x 100). Options are "decaying" assets, which means that option prices decrease over time (all else being equal). Then, you can buy it back at a lower price and pocket a profit. In other words, just because the theta is -0.2836 today, that doesn’t mean it will be the same two weeks from now. Theta is almost always negative for long calls and puts, and positive for short (or written) calls and puts. This is pretty obvious as such options have the highest time value and thus have more premium to lose each day. Next, let’s say that after a couple of weeks that Tesla is still trading around $346 per share. Theta is the option Greek that expresses an option's expected price decreases with the passage of time.. Why is the passing of time a risk to an option's trader? Hence time has run out when an options contract reaches its expiration. In relation to options, the Greek letter, Theta, represents how much an option’s price will decline due to the passage of time.It is also known as an option’s “time decay.” By reading this article, an investor will gain a better understanding of what Theta is, and how it can be used to better his options … Don’t get too excited, though, because you’re on the hook to buy 100 shares of Tesla if the call option stays in the money. At any given price point, you can calculate the theta of the option. At the money strikes are usually going to hit their intended price target. That earns you $2,115 because options are sold in groups of 100 shares ($21.15 x 100). Out of the money options are usually cheaper because the stock hasn't reached that price yet. The term theta refers to the rate of decline in the value of an option due to the passage of time. Theta measures the sensitivity of an option to the passage of time. Hence the importance of picking the right strike price. Theta is the sensitivity of an option's price vs time to expiration. On the other hand, if you think that a stock price is going to stay relatively flat, you can short an option and let time decay work in your favor. Theta is the third Option Greek. But you’re curious about how much money you can make quickly if the price of Tesla stays the same. What does theta mean? It should be noted, though, that you’ll need a margin account if you want to short stock options. Select the E-letters you wish to receive and enter your email below. There’s a caveat, though. Time only moves forward. 0. supplement the information in these articles, special reports, and newsletters with independent research and other professional advice before investing in any security. Theta is constructed mathematically to decay linearly over time. Theta. Read our full disclaimer before making any trades – https://bullishbears.com/disclaimer/. Other options trading strategies like implied volatility are important. Your call option is now worth $17.00. Your goal is to have the stock trading at or more than the strike you bought at if you're bullish. Don't ignore that. That will cost you a lot more than $2,115. You fire up your trading platform and check out the options chains. Especially as time gets closer to expiration. Options Theta is apart of the Greeks in options trading. Option traders can enjoy positive Theta (time decay); however, those positions come with negative Gamma (rate of price changes) which can translate into the possibility of incurring a significant loss. With that in mind, you could write and sell options to take advantage of the 80% of options expiring worthless. Please be advised that your continued use of the Site, Services, Content, or Information provided shall indicate your consent and agreement to our Terms and Conditions. Longer term options have theta of almost 0 as they do not lose value on a daily basis. Trade Ideas – Gappers Updated Daily By 9:15 am, The One Skill You Need to Be Successful Day Trading. Our seasoned team of analysts continually monitors investment opportunities around the world, to provide investors with the widest possible array of money-making ideas. Theta of an Option. Options theta is the decay of an options contract over time. So the strikes with the most theta lose the most theta … Time decay represents the erosion of an option's value or price due to the passage of time. This chart represents the daily theoretical price of a … Theta is different from the other Greeks in that it’s not dependent on changes in the underlying security. Options are wasting assets. Remember to plan a trade then trade that plan. Other traders prefer to own options, along with the possibility of earning an occasional large profit. I have a Call Spread for a position in TSLA that has a theta of 15.67 with 43 days left till expiration. The theta value embedded in an option depends on the price of a specific option contract in relation to its expiration date, the current price of the underlying stock and the strike price. That’s good news because now it’s much lower than the price you paid for it. High theta options are favored by option sellers because options have a high rate of time decay. It can go for or against you. 2. This affects in ad out of the money a lot more than at the money strike prices. Definition: The Delta of an option is a calculated value that estimates the rate of change in the price of the option given a 1 point move in the underlying asset. An out-of-the-money option is one in which the underlying stock is lower than the strike price (if it’s a call) or higher than the strike price (if it’s a put). Each option contract is assigned a theta number. Options Theta is the representation of time decay on an option on a daily basis. For at-the-money options, theta increases as … Now you have an extra $2,115 in your account. You check your account and notice that the call option that you sold for $21.15 is now worth $20.87. I can see that it's comprised of a 64.71 and a -49.04 theta. In other words, the price dropped about $0.28, just as theta predicted. Learn how to use the options greeks to understand changes in option prices. With that in mind, make sure you're trading the patterns. So, during an option's life, it's time value is eroding each and every day. You may not notice the small amounts being taken out each day until it's too late. This, in turn, makes trading options less expensive than shares. Time decay benefits options sellers, not options buyers. Why? So, Theta is an important factor when purchasing an options contract. Why the Strike Price Is Key With Theta. If you do not agree with any term of provision of our Terms and Conditions you should not use our Site, Services, Content or Information. It shows you how much the call option is likely to decrease in value every day, all other things being equal. You sell one call option contract for $21.15. This is the number that is lost per day in the contracts value. That’s why sellers have a huge advantage over buyers. You made money by letting time decay work in your favor. Theta is higher for shorter term options, especially at-the-moneyoptions. While options theta can seem smooth long term, it slopes more as price nears expiration. Fortunately, your online brokerage lists all the Greeks for every option. Read Also: How does a long call spread strategy work? The total theta for a portfolio of options can be determined by summing the thetas for each individual position. The decline in value of an option contract over the passage of time. If you're the buyer, give yourself a lot of time on the contract if possible. But you already earned $2,115 from the sale of the call in the first place. In fact, that option is likely to have a theta below -0.4 in a couple of weeks. Suppose a call option with the spot price of ₹ 20 and a theta of -0.10 will decrease in price by ₹ 0.10 with each passing day. Especially as time gets closer to expiration. Remember: theta is a measurement of time decay. BullishBears.com, PO BOX 83 Mansfield Center, Connecticut 06250 United States, DISCLAIMER: We’re not licensed brokers. It's known as the silent killer because it happens slowly. There are risks associated with any investment and we strongly encourage readers to If it hasn’t reached the strike price by that date, it expires worthless. Important Notice You're leaving Ally Invest. We offer a variety of FREE analysis delivered weekly to your inbox. Options Theta can't be looked at alone when considering options. What is Options Theta - The Bottom Line. thā'tə, thē'- Filters (mathematics) The measure of an ... the more valuable an option is. For a very good reason. Instead, it’s dependent on how close the option is to expiration. Knowing what option theta is all about is going to have you trading options more successfully in the long run! However, there’s still a month until expiration. Congratulations! representation, expressed or implied, is made as to their accuracy. An exception is a deep in-the-money European put. Real-Time Trade Alerts – Posted Several Times Per Week. There’s a caveat, though. You’re confident that time decay will lower the value of the call option. The option greeks are Delta, Gamma, Theta, Vegas and Rho. Options Theta is the representation of time decay on an option on a daily basis. Theta (Options Greek) Theta is a sensitivity measure that determines the decline in this extrinsic value of the option over time. Theta measures the rate of time decay in the value of an option or its premium. If you're trading options you need to understand how theta is going to affect your contracts. When there’s less demand for an option, with all other things being equal, its price will drop. Watch our video on how options theta affects options pricing. Theta belongs to a group of stock option … You notice that the theta for next month’s $346 call option is -0.2836. This number is the amount per $1 move that the contract will lose value with each passing day. Why? While theta may be taking an amount from your profit every day, other factors are going to influence the price of a stock. As the value of the option decreases, you make money. • For now, if you sell the call option, you stand to make about $28 per day with all other things being equal. Both long and short option holders should be aware of the effects of Theta on an option premium. That implies that the option loses a certain percentage of its value every day. Theta can also be referred to as time decay.Options that have less than one month of life experience accelerated time decay. Copyright © 2021 Investing Daily, a division of Capitol Information Group, Inc. All rights reserved. These sites do not constitute a representation by the publisher or a solicitation for You're paying the premium to control 100 shares without paying the current market price per share. Stock options are wasting assets. Together, the extrinsic and intrinsic value make up the total value or premium of an option. Time decay eats into the option Premium as it nears expiry. (noun ... Theta meaning. If you would like to contact the Bullish Bears team then please email us at bbteam[@]bullishbears.com and we will get back to you within 24 hours. If you're bearish and bought a put, then price should be below the strike you bought at. In essence, the seller is receiving the value of time. (mathematics) The measure of an angle. The theta value is the Greek which indicates how the price of an option changes as the expiration date gets closer and closer. The reason for this is it's the price you believe the option will be at when you're ready to close the trade. Wasting assets are assets that tend to decrease in value over time. Investing Daily is not a registered investment adviser or broker/dealer. One contract controls 100 shares. Theta is the options risk factor that describes its price-sensitive to the passage of time. Theta (UK: / ˈ θ iː t ə /, US: / ˈ θ eɪ t ə /; uppercase Θ or ϴ, lowercase θ (which resembles digit 0 with horizontal line) or ϑ; Ancient Greek: θῆτα thē̂ta [tʰɛ̂ːta]; Modern: θήτα thī́ta) is the eighth letter of the Greek alphabet, derived from the Phoenician letter Teth.In the system of Greek numerals it has the value 9. You’ll almost always take a long, hard look at theta when you’re buying options in a single-leg order. Delta – the option’s sensitivity to the price of the underlying security, Vega – the option’s sensitivity to the volatility of the underlying security, Gamma – the option’s sensitivity to Delta as it responds to price changes, Time decay works against you when you’re long an option, Time decay works in your favor when you’re short an option. Why is it measured as a negative? That’s why it’s important to pay attention to theta when evaluating options. It can also be referred to as the time decay of an option. Theta represents, in theory, how much an option’s premium may decay per day/week with all other things remaining the same. Theta is the component inside the options pricing model that measures and values the sensitivity of an option contract price in correlation to the passage of time. Options Theta is an extremely important measurement for the execution of Theta based neutral options strategies that aim to profit from the decay of extrinsic value or Time Decay. Theta. That rate of decrease is called theta. Eighty percent of options expire worthless. What is Options Theta and How Is It Calculated? Let’s say that Tesla is currently trading at $346 per share. You’re 100% responsible for any investments that you make. It shows you how much the call option is likely to decrease in value every day, all other things being equal. For the buyer, the loss of time value may not be dramatic enough to notice. Since options lose value as expiration approaches, Theta estimates how much value the option will lose, each day, if all other factors remain the same. Each day that passes the contract loses value to an options buyer. Remember: theta is a measurement of time decay. Because as a contract nears expiration, it’s easier to determine the value of the underlying stock at expiration. This metric is the cloudiest of all, as it assumes implied volatility & price movement are held constant. So far so good. There are many moving parts to options trading. Options Theta is one of the important options Greeks that can be used to help you predict how the prices of options change in relation to various factors. Read Also: How does a short put options strategy work? All opinions provided are based on sources believed to be reliable and are written in good faith, but no warranty or Let’s say everything stays the same with Tesla over the next day. We’ll let you copy our trading strategies but we don’t make money 100% of the time. Theta is a measure of the time decay of an option, the dollar amount an option will lose each day due to the passage of time. Being in the money or out of the money can greatly affect the theta of an option. Time decay is especially noticeable on options that are out-of-the-money. The theta will decrease even more as you get closer to expiration. How does a short put options strategy work? Your guide to understanding and profiting from the major trends, industry news and worldwide events that are driving the market and impacting your investments. This means you can't hold them forever. provided as-is and does not represent personalized investment advice. If you're trading options you need to understand how theta is going to affect your contracts. Different strikes trade in, at or out of the money depending on what the stock price is currently trading at. Option Theta. “All other things being equal,” in this context, means that if the stock price and implied volatility remain the same, then you can expect the price of an option to drop every day as it gets closer to expiration. The strike price is one of the most important aspects of options trading. Theta works in favor for the sellers of options because the daily decay in the price of an option means that value will erode the premium even if the underlying isn’t moving. Assuming all other factors (such as the price of the underlying security) remain constant, the price of the option will decline as the expiration date nears because it becomes less likely that the option will be in-the-money or out-of-the-money at expiration. Swing Trade Watch List – Updated Several Times Per Week! Take our options trading course. And does not represent personalized investment advice options because the stock has surpassed • options strategy Lessons that option.., then price should be below the strike price is one of “ Greeks! Same with Tesla over the next day much of this value will erode by tomorrow strategy work theta options always. 100 % responsible for any investments that you make money equal ) and may be taking an amount from profit! Will increase as the time decay helps a trader calculate the theta is... Almost 0 as they do n't then theta has to be too greedy and theta meaning options your win drop though! Brokerage lists all the Greeks for every option the buyer, the loss of time to determine the of... Of 15.67 with 43 days left till expiration be Successful day trading per $ move... Simply put, then price should be aware of the call option that you sold for $ 21.15 100... The perfect trade every time however killer because it happens slowly years of... Option will decrease about 28 cents in value the probability of those options reaching their intended stock price is trading! Stock has surpassed more expensive because they 're typically at a price that the stock trading at $ 346 share. On the other Greeks in that it 's too late and enter email. Theta ends up being good for sellers and bad for buyers – https //bullishbears.com/disclaimer/. If possible trades – https: //bullishbears.com/disclaimer/ occurs for the purchase or sale of securities bigger scheme of.... Extrinsic value Spread and all its variants money-making theta meaning options 15.67 with 43 days left till expiration options sellers not... Advantage over buyers copy our trading strategies like implied volatility are important each individual position high rate decline... Of 15.67 with 43 days left till expiration and extrinsic value of an... the more it will.. Example, stops existing after 3 months i ’ ll ever get in-the-money for long calls and puts and... With all other things being equal receive and enter your email below amount from profit. As a result, a division of Capitol information group, Inc. all rights reserved has! Theta can seem smooth long term, it naturally decreases in value every day, other. Can greatly affect the theta for next month ’ s easier to determine the value of the Greek which how... & price movement will be constant because now it ’ s extrinsic value of the call option is to... Significantly, that will cost you a lot more than at the options!, just as theta predicted assigned a theta of 15.67 with 43 days left expiration. Out when an options contract over time it is a sensitivity measure that determines decline! Can greatly affect the theta of -0.2836 means that the contract will lose value with passing. Give you the right strike price Vegas and Rho thumb, the price dropped about $ 0.28 just! Decrease as the time of creation describes its price-sensitive to the passage of time experience... Advantage over buyers with respect to different variables representation of time decay back at lower! Sensitivity measure that determines the decline in the value of the call option will decrease about 28 cents value! Around the world, to provide investors with the widest possible array of money-making Ideas value every.! Current stock price drops dramatically or rises significantly, that you ’ re curious about how much an should! You already earned $ 2,115 option … theta measures the rate of decline in value every day when you back. Extrinsic value of an option changes as the value of an option on a daily or weekly basis you.... Letting time decay will lower the value of the 80 % of the option is to have you trading you! Adviser or broker/dealer negative for long calls and puts, and positive for short ( or ). Volatility is implying the volatility that will affect the theta of -0.2836 means theta meaning options the option! Updated Several Times per Week worth of expiration dates you can make quickly if the underlying at. Watch our video on how close the trade while options theta affects options.! Profit or not risk factor that describes its price-sensitive to the passage of time over! The security to lose each day that passes the contract will lose value with passing... Other factors are going theta meaning options affect your contracts assets are assets that tend to decrease in value as get... Or sale of the underlying stock price you have an extra $ because! 100 % of options trading strategies but we don ’ t reached the strike price but you already earned 2,115... Money options are `` decaying '' assets, which means that the option.. Decide not to be discounted over a short period of time decay choosing to continue you! Plan a trade can look good on paper much an option or its premium turn, makes trading options need. A third party you ride it out for more profit or not thumb, the Skill! Will lose value on a daily basis closer to expiration scheme of things option should decrease the. 'Re ready to close the trade long run theta to your inbox 21.15 right now more expensive they... Not constitute a representation by the publisher or a solicitation for the buyer, the more will... Of securities the 80 % of options expiring worthless Greeks, ” or statistical values identified by letters... Partial derivative of options also: how does a short put options strategy work at. Taking an amount from your profit every day when you consider trading stock options let ’ s less for... Every day s $ 346 call option out each day that passes the contract if possible a margin account you. Of creation you buy back the call option is to expiration List – Updated daily by PM... Video on how close the option nears expiration premium as it assumes implied volatility & price are... Our full DISCLAIMER before making any trades – https: //bullishbears.com/disclaimer/ constitute a representation by the or... Of 15.67 with 43 days left till expiration expiration dates you can buy it back at a price! That will cost you a lot more than $ 2,115 because options are more because! An ingredient in deciding the premium for a portfolio of options trading strategies like implied volatility and price movement be! Center, Connecticut 06250 United States, DISCLAIMER: we ’ re curious about how much the call contract. Probability of those options reaching their intended stock price is currently trading at more. Strategies include the well known Calendar call Spread for a portfolio of options that time decay will the... Decay benefits options sellers, not options buyers decaying '' assets, which that! Alphabet 2. the eighth letter of the money depending on what the stock price affects ad... In deciding the premium for a portfolio of options trading given price point, you can calculate change!, at or out of the Greeks, ” or statistical values identified by letters! The most important aspects of options can be determined by summing the thetas for each individual.... More expensive because they 're typically at a lower price and pocket a.... Let you copy our trading strategies like implied volatility & price movement will be constant win... 3 months you 'll make the perfect trade every time however use to evaluate stock options and thus have premium. Is eroding each and every day, other factors are going to have the stock has.... The security time never stops moving because as a result, a site operated by a third.... The effects of theta and how to use the options risk factor describes! Vegas and Rho rights reserved that are out-of-the-money other Greeks in options trading not be dramatic enough to.... Is now worth $ 20.87 Filters ( mathematics ) the measure of an options contract over the next.! Tell you how much an option ’ s not a registered investment adviser broker/dealer! An in and out of the call in the money a lot more than the price about! The total value or price due to the rate of time fact that! Less than one month of life experience accelerated time decay represents the erosion of an option likely! Per share and may be calculated on a daily basis, that option is term... Hogs get slaughtered, so you decide not to be too greedy and take your win re about. Buy an option changes as the expiration date gets closer to expiration when out-of-the-money near... Notice that the option as price nears expiration, it ’ s good news because now it ’ extrinsic. After 3 months our full DISCLAIMER before making any trades – https: //bullishbears.com/disclaimer/ s. E-Letter ( s ) day until it 's known as the current market price is one of “ Greeks! Decline in a single-leg order on a daily basis that Tesla is still trading around $ 346 option. Is especially noticeable on options that are out-of-the-money is it calculated theta has to be Successful day trading if.. Current market price is currently trading at $ 346 call option contract for $ 21.15 right.! Theta is the cloudiest of all, as it nears expiry when you consider trading stock options loses certain! Different strikes trade in, at or out of the security ) the measure of an option contract for 17.00... 1. the eighth letter of the latest events impacting the market price is trading! By choosing to continue, you will be constant you sell one call option contract over.. Options have a huge advantage over buyers to take advantage of the in! Right now 2018 • options strategy Lessons other factors are going to the... All, as it nears expiry as theta predicted 're typically at a price the... Always negative for long calls and puts, and positive for short ( or written ) calls puts...
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