At expiration, all the option is worth is its intrinsic value (whether it is in the money or not). The options strategist must be aware of the changes in time decay so as to use them to their...

At expiration, all the option is worth is its intrinsic value (whether it is in the money or not). The options strategist must be aware of the changes in time decay so as to use them to their advantage with the purchase of long-term options or sale of options.