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How Does High Volatility Affect the ‘Theta’ of an Option?

High volatility generally leads to a lower Theta (time decay) for both Call and Put options. This is because high volatility increases the option's extrinsic value (time value), which decays more slowly than the intrinsic value.

The higher the chance of a large price move (high volatility), the more value the option retains over time.

What Is the Typical Theta Value for a Long-Dated Option versus a Short-Dated Option?
How Does Implied Volatility Impact the Time Value Component of an Option?
How Does the Time until Expiration Affect the Extrinsic Value of an Option?
How Does the Time Value of an Option Decay, and What Is the Relevant Greek?