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+The Effect of Moneyness and Stock Price
+on Theta
+Theta is not a constant. As variables influencing option values change, theta
+can change, too. One such variable is the option’s moneyness. Exhibit 2.10
+shows theoretical values (theos), time values, and thetas for 3-month
+options on Adobe (ADBE). In this example, Adobe is trading at $31.30 a
+share with three months until expiration. The more ITM a call or a put gets,
+the higher its theoretical value. But when studying an option’s time decay,
+one needs to be concerned only with the option’s time value, because
+intrinsic value is not subject to time decay.
+EXHIBIT 2.10 Adobe theos and thetas (Adobe at $31.30).
+The ATM options shown here have higher time value than ITM or OTM
+options. Hence, they have more time premium to lose in the same three-
+month period. ATM options have the highest rate of decay, which is
+reflected in higher thetas. As the stock price changes, the theta value will
+change to reflect its change in moneyness.
+If this were a higher-priced stock, say, 10 times the stock price used in
+this example, with all other inputs held constant, the option values, and
+therefore the thetas, would be higher. If this were a stock trading at $313,
+the 325-strike call would have a theoretical value of 16.39 and a one-day