{"id":65965,"date":"2025-12-18T00:30:38","date_gmt":"2025-12-18T05:30:38","guid":{"rendered":"https:\/\/www.tradestation.com\/insights\/?p=65965"},"modified":"2025-12-18T09:00:24","modified_gmt":"2025-12-18T14:00:24","slug":"options-knowledge-time-volatility-different-value","status":"publish","type":"post","link":"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/","title":{"rendered":"Key Options Knowledge: Time, Volatility and Different Kinds of Value"},"content":{"rendered":"\r\n<p>Options confuse a lot of investors because several factors impact their value. Unlike stocks, they don\u2019t just go up and down based on supply and demand. This post will explain three of the most important concepts you need to get started: time, volatility and intrinsic vs extrinsic value.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Options Are All About Time<\/h3>\r\n\r\n\r\n\r\n<p>The first thing everyone notices about calls and puts is that they expire at different months and weeks. These dates have a major impact on premiums and several other aspects of the option.<\/p>\r\n\r\n\r\n\r\n<p>First, an option is a contract conveying the right or obligation to do something. Like most agreements, they span a certain period on the calendar. More time means buyers have more opportunities to exercise the right, so they cost more. Simple enough.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image alignright\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"200\" class=\"wp-image-33926\" src=\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/clock_AdobeStock_58505406-300x200.jpeg\" alt=\"\" srcset=\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/clock_AdobeStock_58505406-300x200.jpeg 300w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/clock_AdobeStock_58505406-768x512.jpeg 768w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/clock_AdobeStock_58505406-1024x683.jpeg 1024w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/clock_AdobeStock_58505406-696x464.jpeg 696w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/clock_AdobeStock_58505406-1068x712.jpeg 1068w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/clock_AdobeStock_58505406-630x420.jpeg 630w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/clock_AdobeStock_58505406-1920x1280.jpeg 1920w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/figure>\r\n\r\n\r\n\r\n<p>The second point is a little more complicated because things can change over time. The odds of a company\u2019s stock moving a certain amount over a few days or a few weeks is fairly predictable. After all, only so much is likely to happen in that time.<\/p>\r\n\r\n\r\n\r\n<p>But stretch that out by a few quarters or a couple of years, and all kinds of uncertainties arise. Will new risks emerge? Will the CEO get fired? Questions like this mean that longer-dated options have more risk of unknown things happening. That, in turn, makes them more subject to another key force: volatility.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Volatility Is a Big Deal For Options<\/h3>\r\n\r\n\r\n\r\n<p>Volatility measures how much a stock or exchange-traded fund (ETF) moves.<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Historic volatility describes past movements. It can be measured over different time frames.<\/li>\r\n\r\n\r\n\r\n<li>Implied volatility describes how much price is expected to fluctuate in the future. This type of volatility influences option premiums.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Entire books are written on the subject of volatility, but there are a few basics for our purposes.<\/p>\r\n\r\n\r\n\r\n<p>First, historic volatility has a big influence on implied volatility. Stocks with a track record of jumping up and down a lot usually have higher implied volatility. That, in turn, will make their options more expensive.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"200\" class=\"wp-image-33928\" src=\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/volatility_AdobeStock_277159282-300x200.jpeg\" alt=\"\" srcset=\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/volatility_AdobeStock_277159282-300x200.jpeg 300w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/volatility_AdobeStock_277159282-768x512.jpeg 768w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/volatility_AdobeStock_277159282-1024x683.jpeg 1024w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/volatility_AdobeStock_277159282-696x464.jpeg 696w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/volatility_AdobeStock_277159282-1068x712.jpeg 1068w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/volatility_AdobeStock_277159282-630x420.jpeg 630w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/volatility_AdobeStock_277159282-1920x1280.jpeg 1920w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/figure>\r\n\r\n\r\n\r\n<p>Second, publicly known events like earnings or regulatory decisions can increase implied volatility \u2014 even when the underlier is barely moving. After all, people know the news catalyst may trigger a big rally or selloff. The market will reflect this potential in higher implied volatility, so premiums are typically higher.<\/p>\r\n\r\n\r\n\r\n<p>Third, traders often try to\u00a0<em>own\u00a0<\/em>options when implied volatility is\u00a0<em>rising<\/em>. And they want to\u00a0<em>sell\u00a0<\/em>options when it\u2019s\u00a0<em>falling\u00a0<\/em>or expected to fall. Strategies like straddles, put selling and covered calls often exploit these trends.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Options Have Intrinsic Value<\/h3>\r\n\r\n\r\n\r\n<p>Options premium can be divided into intrinsic value and extrinsic value.<\/p>\r\n\r\n\r\n\r\n<p>Intrinsic value is the difference between its exercising strike price and the stock\u2019s current level.<\/p>\r\n\r\n\r\n\r\n<p>Say a stock is at $11 and the calls have a 10 strike. They will have $1 of intrinsic value because they give the right to\u00a0<em><a href=\"https:\/\/www.tradestation.com\/trading-products\/stocks\/\" target=\"_blank\" rel=\"noreferrer noopener\">buy shares<\/a>\u00a0<\/em>at a $1 discount.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image alignright\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"200\" class=\"wp-image-33927\" src=\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/value_price_AdobeStock_85523593-300x200.jpeg\" alt=\"\" srcset=\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/value_price_AdobeStock_85523593-300x200.jpeg 300w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/value_price_AdobeStock_85523593-768x512.jpeg 768w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/value_price_AdobeStock_85523593-1024x683.jpeg 1024w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/value_price_AdobeStock_85523593-696x464.jpeg 696w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/value_price_AdobeStock_85523593-1068x712.jpeg 1068w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/value_price_AdobeStock_85523593-630x420.jpeg 630w, https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/10\/value_price_AdobeStock_85523593-1920x1280.jpeg 1920w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/figure>\r\n\r\n\r\n\r\n<p>Puts are just the opposite because they convey the right to\u00a0<em>sell shares<\/em>. If the stock is worth $11, its 12 puts would have $1 of intrinsic value.<\/p>\r\n\r\n\r\n\r\n<p>You\u2019ll notice that time has nothing to do with intrinsic value. It\u2019s based entirely on the strike price and the stock price. Another way to think about it is to ask \u201chow much is the option in the money?\u201d\u00a0<em>Intrinsic value and \u201cin-the-money\u201d are the same thing.<\/em><\/p>\r\n\r\n\r\n\r\n<p>Some options have no intrinsic value because they\u2019re \u201cout of the money.\u201d<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Calls with a strike above the current stock price have zero intrinsic value.<\/li>\r\n\r\n\r\n\r\n<li>Puts with a strike below the current stock price have zero intrinsic value.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Options Have Extrinsic Value<\/h3>\r\n\r\n\r\n\r\n<p>Extrinsic value is all the premium aside from intrinsic value.<\/p>\r\n\r\n\r\n\r\n<p>Say a stock is worth $11 and the 10 calls are worth $2. We already know the options have $1 of intrinsic value. Therefore the remaining $1 of premium would be extrinsic value.<\/p>\r\n\r\n\r\n\r\n<p>This is where time plays a role because longer-dated options usually cost more. With the example, 10 calls expiring this month may cost $2. But 10 calls expiring next year may cost $4 because there\u2019s more potential for a move to occur.<\/p>\r\n\r\n\r\n\r\n<p>Both contracts would have $1 of intrinsic value. But the shorter-dated calls would have $1 of extrinsic value and the longer ones would have $3 of extrinsic value.<\/p>\r\n\r\n\r\n\r\n<p>Because of their link to time, extrinsic value is also known as\u00a0<em><a href=\"https:\/\/www.tradestation.com\/insights\/2024\/05\/12\/memory-tricks-options-greeks-delta-gamma-theta-vega\/\">time value<\/a><\/em>.<\/p>\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\r\n\r\n\r\n<p><em>Options trading is not suitable for all investors. Your TradeStation Securities\u2019 account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience. See\u00a0<a href=\"https:\/\/www.theocc.com\/Company-Information\/Documents-and-Archives\/Options-Disclosure-Document\">www.TradeStation.com\/DisclosureOptions<\/a>. Visit\u00a0<a href=\"http:\/\/www.tradestation.com\/Pricing\">www.TradeStation.com\/Pricing<\/a>\u00a0for full details on the costs and fees associated with options.<\/em><\/p>\r\n<p>ID5074761 D1225<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Options confuse a lot of investors because several factors impact their value. Unlike stocks, they don\u2019t just go up and down based on supply and demand. This post will explain three of the most important concepts you need to get started: time, volatility and intrinsic vs extrinsic value. Options Are All About Time The first [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":32906,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[77,14],"tags":[],"class_list":["post-65965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-options","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key Options Knowledge: Time, Volatility and Different Kinds of Value | Market Insights<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key Options Knowledge: Time, Volatility and Different Kinds of Value | Market Insights\" \/>\n<meta property=\"og:description\" content=\"Options confuse a lot of investors because several factors impact their value. 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Options Are All About Time The first [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Insights\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeStation\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-18T05:30:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-18T14:00:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/08\/Know_your_options_logo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"David Russell\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeStation\" \/>\n<meta name=\"twitter:site\" content=\"@TradeStation\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Russell\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/\",\"url\":\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/\",\"name\":\"Key Options Knowledge: Time, Volatility and Different Kinds of Value | Market Insights\",\"isPartOf\":{\"@id\":\"https:\/\/www.tradestation.com\/insights\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/08\/Know_your_options_logo.jpg\",\"datePublished\":\"2025-12-18T05:30:38+00:00\",\"dateModified\":\"2025-12-18T14:00:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.tradestation.com\/insights\/#\/schema\/person\/d2279ba57f90e3b47887f2503ce142d4\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/#primaryimage\",\"url\":\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/08\/Know_your_options_logo.jpg\",\"contentUrl\":\"https:\/\/www.tradestation.com\/insights\/wp-content\/uploads\/sites\/2\/2019\/08\/Know_your_options_logo.jpg\",\"width\":1920,\"height\":1080},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/2025\/12\/18\/options-knowledge-time-volatility-different-value\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.tradestation.com\/insights\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Key Options Knowledge: Time, Volatility and Different Kinds of Value\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/#website\",\"url\":\"https:\/\/www.tradestation.com\/insights\/\",\"name\":\"Market Insights\",\"description\":\"Fresh market commentary and actionable trade ideas.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.tradestation.com\/insights\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/#\/schema\/person\/d2279ba57f90e3b47887f2503ce142d4\",\"name\":\"David Russell\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.tradestation.com\/insights\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/443bdca82f0006231c5179581e4310ed?s=96&d=mm&r=pg\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/443bdca82f0006231c5179581e4310ed?s=96&d=mm&r=pg\",\"caption\":\"David Russell\"},\"description\":\"David Russell is Global Head of Market Strategy at TradeStation. 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