 Welcome back. In this chapter, we're going to look at Theta. So let me adjust my screens. I'll customize it to just show Theta and the and the prices of the options. So I'm going to put the last traded price and I'm going to put Theta. Okay, there we go. So this is again the spiders. We're using the spiders as our example and as usual we'll look at, we'll start looking with the May series options. It's got 60 days to expiry and the 141 calls and the 141 puts are the at the money options because the spider closed today at $140.85. So that's where the spiders are and at the money calls and puts are listed at the 141 strike. Okay, so Theta is the amount of time decay that an option will undergo on a daily basis. Here we can see Theta listed as one of our columns and in both the cases of the calls as well as the puts, the concept of Theta is the same. Theta is always represented as a negative number because that value gets subtracted from the value of the option on a daily basis. So Theta is always a negative number and if you are a buyer of options, Theta, you have a negative Theta position and if you're a seller of options, you have a positive Theta position. We'll get into all of that later. But right now you can see that Theta is 3 cents for both the at the money call as well as the at the money put. The concept is the same whether it's the calls or puts. So again, let's just focus on the calls and understand the concepts behind Theta and the same concepts can be transferred or translated directly when you look at puts as well. We're looking at the May series and when we did the course on time decay, we saw that as you go out further into time, the time decay is less and as you approach expiry, time decay becomes more and more.