{"id":45192,"date":"2023-03-23T15:41:10","date_gmt":"2023-03-23T14:41:10","guid":{"rendered":"https:\/\/staging.captrader.com\/glossar\/zeitwert\/"},"modified":"2024-03-27T15:59:44","modified_gmt":"2024-03-27T14:59:44","slug":"time-value","status":"publish","type":"glossar","link":"https:\/\/www.captrader.com\/en\/glossar\/zeitwert\/","title":{"rendered":"Current value"},"content":{"rendered":"

The price of a Option<\/a> is composed of the intrinsic value<\/strong> and the outer value<\/strong> together. The intrinsic value can be calculated from the strike price of the option and the price of the underlying. The Current value<\/strong> (outer value) is a premium, so to speak, which is priced in by market participants because an option has the potential to increase in value during its remaining term.<\/p>\n\n\n\n

What is the time value?<\/h2>\n\n\n\n

The Difference between the intrinsic value and the actual value<\/strong> of an option is referred to as its time value or extrinsic value.<\/p>\n\n\n\n

The longer the remaining term of an option, the higher its time value. In addition, the time value of an option is higher when implied volatility (high expected fluctuation range of a market) is high than when IV is low.<\/p>\n\n\n\n

What is time value expiration?<\/h3>\n\n\n\n

Since the value of an option on the expiration date consists solely of its intrinsic value, the time value decreases from day to day during the remaining term of an option. This process is referred to as time value decay and is expressed by the option indicator Theta<\/strong> expressed.<\/p>\n\n\n\n

Example of the calculation of the fair value<\/h3>\n\n\n\n

An In The Money call option on Bayer stock (symbol BAYN) with a strike price of EUR 68 and a remaining term of 30 days currently costs EUR 3.30 * 100, or EUR 330. The share price is quoted at EUR 70.38.<\/p>\n\n\n\n

\"CapTrader_time
Calculation of the fair value of an ITM call option on Bayer stock<\/figcaption><\/figure>\n\n\n\n

The Inner value<\/strong> of the option is therefore:<\/p>\n\n\n\n

(share price - strike price) * 100 = (70.38 EUR - 68 EUR USD) * 100 = 2.38 EUR * 100 = 238 EUR<\/strong><\/p>\n\n\n\n

The Current value<\/strong> - i.e. the difference between the intrinsic value of the option and the option price:<\/p>\n\n\n\n

330 EUR - 238 EUR = 92 EUR<\/p>\n\n\n\n

The time value of Out Of The Money options<\/h3>\n\n\n\n

Since Out Of The Money options have no intrinsic value, their option premium at 100% consists of time value.<\/p>\n\n\n\n

The further an option is out of the money, the lower the theta or time value loss per day.<\/p>\n\n\n\n

FAQ - Frequently asked questions about the time value of an option<\/h2>","protected":false},"author":7,"featured_media":0,"template":"","class_list":["post-45192","glossar","type-glossar","status-publish","hentry"],"acf":{"blog_summary":"","blog_faq_schalter":"nein","faq_uberschrift":"","blog_faq_loop":[{"blog_faq_question":"Was ist der Zeitwert einer Option?","blog_faq_answer":"Der Zeitwert einer Option entspricht der Differenz zwischen dem Optionspreis und dem\u00a0Basispreis\u00a0inneren Wert einer Option. Bis zum Verfallstermin der Option f\u00e4llt der Zeitwert auf null."},{"blog_faq_question":"Was ist der innere Wert einer Option?","blog_faq_answer":"Der innere Wert einer Option enstpricht der Differenz zwischen dem\u00a0Basispreis\u00a0der Option und dem aktuellen Kurs des Underlyings und dr\u00fcckt aus, wie viel die Option bei einer sofortigen Aus\u00fcbung wert w\u00e4re."},{"blog_faq_question":"Was ist eine Optionspr\u00e4mie?","blog_faq_answer":"Als Optionspr\u00e4mie bezeichnet man den Preis einer\u00a0Option. Diese wird vom Optionsk\u00e4ufer an den Optionsverk\u00e4ufer gezahlt. Der Begriff \u201cPr\u00e4mie<\/a>\u201d bringt zum Ausdruck, dass Optionen eine Art Versicherungscharakter aufweisen."},{"blog_faq_question":"Was ist der Basispreis einer Option?","blog_faq_answer":"Der Basispreis einer\u00a0Option, ist der Preis\/Kurs des Underlyings, zu dem das Underlying im Falle einer Optionsaus\u00fcbung gekauft oder verkauft wird. Der Basispreis wird auch als Aus\u00fcbungspreis oder Strike bezeichnet."},{"blog_faq_question":"Was sind Optionen?","blog_faq_answer":"Optionen\u00a0sind Terminkontrakte, genauer gesagt bedingte Terminkontrakte. Das bedeutet, nur ein Kontrahent hat eine Erf\u00fcllungspflicht, w\u00e4hrend der andere ein Wahlrecht besitzt. Es gibt Kauf-Optionen \u2013 sog.\u00a0Call-Optionen<\/a> (kurz: Calls) \u2013 sowie Verkaufsoptionen \u2013 sog.\u00a0Put-Optionen<\/a>\u00a0(kurz: Puts)."}]},"_links":{"self":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/glossar\/45192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/glossar"}],"about":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/types\/glossar"}],"author":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/users\/7"}],"wp:attachment":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media?parent=45192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}