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How Does the Time to Expiration Affect the Value of Vega for an Option?

Vega, the sensitivity of an option's price to changes in implied volatility, is highest for options with a long time until expiration. This is because long-dated options have more time for volatility to affect the final price.

As expiration approaches, the impact of future volatility diminishes, causing Vega to decrease and eventually approach zero.

How Does the Time Remaining until Expiration Affect the Option’s Time Value?
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