Not much, and it goes fast. Time value is the part of an option's price that pays for the time left. On Monday the weekly option has 1 trading day left, the expiry Tuesday. Take an at-the-money call, whose strike is closest to the index. If nothing moves, it loses about 22% of its price during Monday. By Tuesday's open it has lost about 36%.
- Index
- NIFTY
- Cycle
- NIFTY weekly
- Starts
- 09:15 IST
- Runs for
- 2 trading days · About 23 min at Normal speed
- Difficulty
- Intermediate
- Date
- 13 Jul 2026
- Expiry
- NIFTY 14 Jul 2026
- IV
- 12%
What is this market shaped like?
The market starts on Monday, 1 trading day before the Tuesday expiry. It runs all Monday, then the first hour of Tuesday. The night between them counts as about 0.5 of a trading day. IV (implied volatility) is the size of move option prices expect. The example below keeps it at 12%.
A Monday for an at-the-money call, with NIFTY at 25,100 and IV at 12%
| When | Premium | Left of Monday's opening price |
|---|---|---|
| Monday open | about ₹98.50 | 100% |
| Monday close | about ₹77 | 78% |
| Tuesday open | about ₹63 | 64% |
| Tuesday 10:15 | about ₹52 | 53% |
To make up Monday's loss, NIFTY would need to rise about 38 points by the close.
What will you see?
- Theta is how much an option's price falls from time alone. With 1 day left it is large, so the price slides even on a still day.
- Options far from the index lose a bigger share. A call 3 strikes above the index keeps about 36% of its Monday price by Tuesday's open. An at-the-money call keeps about 64%.
- IV has no planned change here. The expiry day itself is busier, with a busier last hour.
What should you try?
Try this with 1 lot each of 2 calls. A lot is the smallest size you can trade.
- At Monday's open, buy 1 lot of the at-the-money call.
- Also buy 1 lot of a call 3 strikes above it.
- At Monday's close and Tuesday's open, compare what each has left.
What should you check afterwards?
- Which call lost the bigger share of its price, and why?
- Did NIFTY rise the 38 points the at-the-money call needed?
Open these next: