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The Theta
Theta is a measurement of the time decay of options. It is the rate at which options lose their value, specifically the time value, as the expiration date draws nearer. Generally expressed as a negative number, the theta reflects the amount by which the option value will decrease every day.
Example
A call option with a current price of $2 and a theta of -0.05 will experience a drop in price of $0.05 per day. So in two days' time, the price of the option should fall to $1.90.