Is It Possible for a Long Option to Have a Positive Theta?
No, a standard long option (buying a call or a put) cannot have a positive Theta. Positive Theta implies that the option gains value as time passes, which contradicts the fundamental principle of time decay.
Only short option positions (selling a call or a put) or complex strategies like a calendar spread (which is net short a nearby option) can exhibit a positive net Theta.
