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Define the Term ‘Theta’ in Options Greeks.

Theta is the options Greek that measures the rate at which the time value of an option erodes as the option approaches expiration. It is often referred to as time decay.

Theta is typically a negative value for long option positions, indicating that the option's value decreases each day, all else being equal. It is one of the key components of the options pricing models.

How Does the Basis between Perpetual Futures and Spot Price Relate to the Funding Rate?
How Does the Time Decay (‘theta’) Affect the Value of an Option’s Premium?
Why Is Theta Typically Negative for a Long Option Position?
How Does Theta (Time Decay) Affect an Option’s Value?