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The AAPL Sep 95 put currently has a theta of -.21. The put midpoint is .84. 84/21 = 4 days. However, the put has nearly a month before expiration, at which time it will be zero. Not 4 days from now.

What am I doing wrong or missing in the above calculation?

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migrated from money.stackexchange.com Aug 20 '14 at 11:37

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I see a theta of -0.03ish. Delta is about the order of magnitude of your number, maybe you mixed them up?

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