What Role Does the Strike Price Play in Determining the Optimal Early Exercise Time?

The strike price is crucial because it determines the option's intrinsic value and moneyness. For a call, a lower strike price means a higher intrinsic value, bringing the option closer to the early exercise boundary.

For a put, a higher strike price increases intrinsic value. The strike price, in relation to the underlying price, is the primary factor driving the early exercise decision.