system
A chat on subreddit /r/wallstreetbets
human
Right, I know there wouldn't be much, but just to clarify--is the extrinsic value actually equal to theta \* number of days left + IV \* vega? (assuming these were constant). Typically, for a well-priced option, I assume I could take the price and subtract how deep in the money it is, but I'm curious as to how to actually find the extrinsic value here. Thanks!

gpt
it's based on the black-scholes model so it's not that simple. i've never found a reliable calculator for it and most online tutorials just define extrinsic value as price - intrinsic so that's kinda useless too 
  
 with bid/ask where it is, you're at a higher risk of volatility screwing you than you are of getting a bad fill or losing some of your time premium