The change in the price of the option as the time to expiration changes is called

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The change in the price of the option as the time to expiration changes is called theta. The other options refer to other variables that affect the price of the option, such as the underlying asset's price (delta), the underlying asset's volatility (gamma), or the risk-free interest rate (rho). The change in the price of an option as the time to expiration changes is represented by theta. Theta measures the rate at which the value of an option declines over time, also known as time decay. Rho measures the sensitivity of an option's price to changes in interest rates, gamma measures the sensitivity of an option’s delta to changes in the underlying asset’s price, and delta measures the sensitivity of an option's price to changes in the underlying asset's price.

The Change in the Price of the Option as the Time