How Theta Decay Accelerates Through the Final Session
If gamma is why a 0DTE position swings violently, theta is why simply waiting costs you. Time decay on expiration day is not a steady drip; it is a nonlinear erosion that behaves differently for at-the-money and out-of-the-money options, and misjudging it is how traders get the timing of their entries and exits exactly wrong. This is the honest, moneyness-aware version of the decay curve.