请问option是否只要没到期,time value都为positive？否则如何从这道题中的intrinsic value =0而得出time value就是positive？
问题如下图：
选项：
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C. 
解释：
NO.PZ2016031201000037 问题如下 For a Europecall option with two months until expiration, if the spot priis below the exercise price, the call option will most likely have: A.zero time value. B.positive time value. C.positive exercise value. B is correct.A Europecall option with two months until expiration will typically have positive time value, where time value reflects the value of the uncertainty tharises from the volatility in the unrlying. The call option ha zero exercise value if the spot priis below the exercise price. The exercise value of a Europecall option is Max(0, St−XS_t-XSt−X ), where StS_tSt is the current spot pritime t anX is the exercise price. 中文距离到期日还有两个月的欧式看涨期权具有正的时间价值。B正确。现货价格低于执行价格，看涨期权的执行价值为零。欧式看涨期权的行权值为Max(0,St -X)。 exercise value不是ST-X（1+r)^-(T-t)吗？那万一X折到T时间点小于ST了那exercise value会大于0吗？
NO.PZ2016031201000037 问题如下 For a Europecall option with two months until expiration, if the spot priis below the exercise price, the call option will most likely have: A.zero time value. B.positive time value. C.positive exercise value. B is correct.A Europecall option with two months until expiration will typically have positive time value, where time value reflects the value of the uncertainty tharises from the volatility in the unrlying. The call option ha zero exercise value if the spot priis below the exercise price. The exercise value of a Europecall option is Max(0, St−XS_t-XSt−X ), where StS_tSt is the current spot pritime t anX is the exercise price. 中文距离到期日还有两个月的欧式看涨期权具有正的时间价值。B正确。现货价格低于执行价格，看涨期权的执行价值为零。欧式看涨期权的行权值为Max(0,St -X)。 time value是指啥呢
NO.PZ2016031201000037 问题如下 For a Europecall option with two months until expiration, if the spot priis below the exercise price, the call option will most likely have: A.zero time value. B.positive time value. C.positive exercise value. B is correct.A Europecall option with two months until expiration will typically have positive time value, where time value reflects the value of the uncertainty tharises from the volatility in the unrlying. The call option ha zero exercise value if the spot priis below the exercise price. The exercise value of a Europecall option is Max(0, St−XS_t-XSt−X ), where StS_tSt is the current spot pritime t anX is the exercise price. 中文距离到期日还有两个月的欧式看涨期权具有正的时间价值。B正确。现货价格低于执行价格，看涨期权的执行价值为零。欧式看涨期权的行权值为Max(0,St -X)。 难道不是因为还没到期，有可能S X即基础资产价格（spot priof the unrlying)大于执行价格exercise price，可以获利？
NO.PZ2016031201000037问题如下For a Europecall option with two months until expiration, if the spot priis below the exercise price, the call option will most likely have:A.zero time value.B.positive time value.C.positive exercise value. B is correct.A Europecall option with two months until expiration will typically have positive time value, where time value reflects the value of the uncertainty tharises from the volatility in the unrlying. The call option ha zero exercise value if the spot priis below the exercise price. The exercise value of a Europecall option is Max(0, St−XS_t-XSt−X ), where StS_tSt is the current spot pritime t anX is the exercise price. 中文距离到期日还有两个月的欧式看涨期权具有正的时间价值。B正确。现货价格低于执行价格，看涨期权的执行价值为零。欧式看涨期权的行权值为Max(0,St -X)。 time value和是否提前行权无关是吗？
NO.PZ2016031201000037 问题如下 For a Europecall option with two months until expiration, if the spot priis below the exercise price, the call option will most likely have: A.zero time value. B.positive time value. C.positive exercise value. B is correct.A Europecall option with two months until expiration will typically have positive time value, where time value reflects the value of the uncertainty tharises from the volatility in the unrlying. The call option ha zero exercise value if the spot priis below the exercise price. The exercise value of a Europecall option is Max(0, St−XS_t-XSt−X ), where StS_tSt is the current spot pritime t anX is the exercise price. 中文距离到期日还有两个月的欧式看涨期权具有正的时间价值。B正确。现货价格低于执行价格，看涨期权的执行价值为零。欧式看涨期权的行权值为Max(0,St -X)。 欧式期权只有到期才行权，此时St-2 EP，那么不行权，value=0啊
