i am starting to play more volatility game during earnings. In hte past did mostly played long term. Sort of itching. Now I got a list of all earnings date lined up for companies I wanted to play with and just before earnings day, I buy a put/calls that are expiring soonest to maximimize the gain. Now considering the fact that the options last its most of its value during last month in an exponential manner keeping everything else same, I am wondering if time value can noticeably decreased intra-day. For example, X corporation about to announce earning result on Y date's after close at around 2PM Pacific time. By Eastern time that is after market close. Now if I decided to choose between purchasing the option at Y date's morning around market opening vs. purchasing it just before market closing, will be there be a significant price movement considering everything else equal? I know it is hard predict considering so many factors influencing the option price during intra-day trading but I am just wondering if there is any methodology for measuing intra-day price plotting or movement in terms of time value.
