時間值 (備兌認股證)
time value (covered warrant)
選擇權買方因期待隨著時間的增長交易標的期貨契約價格會改變致使選擇權的價值提高而願意支付的價金。一般而言，權利金＝內含價值＋時間價值亦即權利金－內含價值＝時間價值。時間價值於選擇權契約到期時下降為零。
Option buyers expect the growth over time because the underlying futures contract transaction price changes resulting increase in the value of the option and are willing to pay the price of gold. In general, the premium = embedded value + time value that is claimed gold - the embedded value = time value. Time value falls to zero at maturity in option contracts.