Recently, I've been looking at options order books again, and the more I look, the more I realize that "time value" is pretty straightforward: if you're the buyer, you're being slowly eaten away by it every day; if you're the seller, watching theta gradually accrue makes you secretly pleased, but you also know you'll eventually have to pay the "black swan premium." In plain terms, buyers are betting on volatility and speed—if they slow down, they lose; sellers are betting on time—fearing that suddenly, it could flip everything over.
Over the past two weeks, I've been leaning more toward small-
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