Time value: sambhavna ke liye diya gaya daam.
Doosre naam: time value, extrinsic value, option time premium, theta value.
Is page ke kuch hisse abhi English mein hain.
Formula
Time value = Premium - Intrinsic value.
Ise kaise padhein
Option ka daam 2 hisson ka jod hai. Jo abhi maujood hai woh intrinsic value, aur jo abhi sirf sambhavna hai woh time value. Doosra hissa har guzarte din ke saath thoda kam hota jaata hai, kyunki bacha hua samay kam ho raha hai.
Yeh ghatna ek jaisi raftaar se nahi hota. Shuru ke dino mein farak halka hota hai. Expiry ke bilkul paas woh tez ho jaata hai.
Time value hi woh wajah hai jiske chalte underlying bilkul kuch na kare tab bhi option ka daam gir sakta hai. Expiry paas aane par yeh hissa ghatta hai, aur us ghatav ko aam taur par aakhri sessions mein tez hote hue describe kiya jaata hai — kisi sthir rozana rate ki tarah nahi.
Yeh hissa sirf calendar se nahi chalta. Woh aage ke hilne ke anumaan ke saath badhta aur ghatta hai. Kisi tay tareekh wale event se pehle woh anumaan aksar badh jaata hai aur time value uske saath badh jaati hai. Event guzarne aur shak khatam hone par woh gir jaati hai.
Time value ko koi seedhe quote nahi karta. Woh ek bakaaya hai — premium mein se intrinsic value nikaal dene ke baad jo bacha. Isliye us premium mein jo bhi purapan ya kharaabi hai, woh chup-chaap is number mein bhi aa jaati hai.
Iska ek natija yeh hai ki time value kisi aise schedule par nahi ghatti jis par bharosa kiya ja sake. Wahi option ek shaant din par zyada time value kho sakta hai aur ek bhaari din par kam. Aur volatility anumaan badh jaye toh woh calendar ke le jaane se zyada value jod bhi sakta hai.
Yeh kya nahi batata
Time value sirf samay se nahi ghatti. Agar aage ke hilne ka anumaan gir jaaye, to time value usi din gir sakti hai — spot bhale wahin khada ho. Event ke baad aisa aksar hota hai.
Isliye 'option sasta ho gaya' ka matlab hamesha 'samay guzar gaya' nahi hota. 2 alag wajahein ek jaisa dikh sakti hain.
Aur ghatti hui time value disha ka koi saboot nahi hai. Woh call aur put dono ke saath ek jaisa hota hai, isliye usse yeh nahi nikalta ki bazaar kis taraf jhuk raha hai.
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
Option premium kis cheez ka bana hota hai?
Premium mein intrinsic value aur time ya uncertainty se judi value hoti hai. Sasta dikhta premium kam risk nahi hota.
Lesson kholo