The effect on an option's value of a small change in the value of the underlying asset is called the option theta.

Name: The effect on an option's value of a small change in the value of the underlying asset is called the option theta.
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The effect on an option's value of a small change in the value of the underlying asset is called the option delta, not theta. Theta measures the rate of decline in the value of an option due to the passage of time.

The Effect on an Option's Value of a Small Change