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training_data/curated/text/edb5157197dea8294ae3d671d88ad3580be319309c872d9e9339192fc926f0c5.txt

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+AN INTrOduCTION TO OPTIONS ON FuTureS
+risk is limited is not worth very much, because the strike price is so far away from the prevailing 
+futures price. As Figure   34.1   shows, the time value will be at a maximum at the strike price. 
+   2.   time remaining until expiration.  The more time remaining until expiration, the greater 
+the time value of the option. This is true because a longer life span increases the probability 
+of the intrinsic value increasing by any specifi  ed amount prior to expiration. In other words, 
+the more time until expiration, the greater the probable price range of futures. Figure   34.2    
+illustrates the standard theoretical assumption regarding the relationship between time value 
+and time remaining until expiration for an at-the-money option. Specifi  cally, the time value is 
+    FIGURE   34.1    Theoretical Option Premium Curve 
+  Source:  Chicago Board of Trade, Marketing department.  
+Call Option
+Strike price
+Intrinsic value
+T -bond futures price130
+132
+134
+136
+138
+140
+Time value premium
+8
+6
+4
+2 Option premium
+Strike price
+Intrinsic
+value
+T-bond futures price
+124
+126
+128
+130
+8
+6
+4
+2 Option premium
+Put Option
+Time value premium
+    FIGURE   34.2    Time Value decay 
+  Source: Options on Comex Gold Futures,  published by Commodity 
+exchange, Inc. (COMeX), 1982.  
+Time value decay
+94 10
+Time remaining until expiration (months)
+Time value premium