Option buyer’s expectation
If you are an option buyer two things have to happen for you to make money:
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Underlying stock must move in your favor and
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Must move beyond the strike price within certain time
Also as the delta of an option keeps decreasing probability of being in the money at the time of expiration keeps decreasing.
Time decay
Option price consists of two value:
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Intrinsic Value and
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Extrinsic Value.