Theta: ek din guzarne ki keemat.
Doosre naam: theta, time decay, option theta, daily decay.
Is page ke kuch hisse abhi English mein hain.
Formula
Approximate premium change from time alone = Theta x Days elapsed.
Ise kaise padhein
Theta hamesha ek shart ke saath aata hai: agar spot na hile, volatility anumaan na badle, aur sirf ek din guzar jaye. Us haalat mein option ki value kitni ghategi — yeh theta batata hai.
Asli bazaar mein woh shart kabhi poori nahi hoti. Isliye theta ko rozana ka pakka kharcha samajhna galat hota hai. Woh ek disha hai, receipt nahi.
Theta hi wajah hai ki ek directional raay sahi hone ke baawajood, der se sahi hone par nuksan de sakti hai. Kisi shaant daur mein option ko pakde rehne par har session time value kharch hoti hai. Us kharch ko aam taur par aakhri sessions mein tez hote hue describe kiya jaata hai, barabar raftaar se chalte hue nahi.
Theta gamma ka counterweight hai. Jo arrangements move par sabse tez react karte hain, wahi samay ke liye sabse zyada de rahe hote hain. Kisi bhi option position mein yahi asli adla-badli hai, aur dono ko alag-alag padhna aadha jawab dega.
Theta sirf premium ke time value wale hisse par lagta hai. Intrinsic value decay nahi hoti — woh spot aur strike ke faasle se aati hai, samay se nahi. Isliye gehre in the money option par samay ka asar utna dikhta hi nahi.
Isi wajah se theta un options par sabse bada hota hai jo money ke paas hain, kyunki wahin time value sabse zyada hoti hai. Aur expiry paas aane ke saath woh badhta jaata hai. Kharidne wale ke liye woh position ke khilaaf kaam karta hai. Bechne wale ke liye uske haq mein.
Yeh kya nahi batata
Theta yeh nahi kehta ki option ka daam kal kya hoga. Spot thoda bhi hil jaye to uska asar theta se kai guna bada ho sakta hai.
Aur theta khud sthir nahi hai. Jaise jaise expiry paas aati hai aur moneyness badalti hai, theta ka apna number bhi badalta rehta hai.
Asli decay smooth nahi hoti. Volatility anumaan mein ek badlav ek din ke le jaane se zyada value jod sakta hai — isliye premium us din bhi badh sakta hai jis din theta kehta hai ki use girna chahiye. Aur theta yeh bhi nahi kehta ki option apni keemat ke laayak tha ya nahi.
Experiment mein dekho
Market X-Ray mein ek input badlo aur dekho kya hota hai.
Market X-Ray: Expiry — Expiry par option mein kya bachta hai?
Jude hue concepts
Theta: kuch na hone par bhi kuch ghat raha hota hai.
Premium ka time value wala hissa expiry paas aane par ghatta hai. Underlying sthir rahe toh woh chupchaap bahta rehta hai.
Lesson kholo