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Options Glossary - Most Used Terms
Time Value
The portion of the option premium that is attributable to the amount of time remaining until the expiration of the option contract. The difference between the premium paid for an option and the intrinsic value (whatever value the option has in addition to its intrinsic value ). As an option approaches expiration, the time value erodes, eventually to zero.
See Also:
Time Value Premium: The amount by which an option's total premium exceeds its intrinsic value.