Just like the refundable amount on a canceled flight decreases as the flight date comes closer, options also lose their value as their expiry date nears 
This happens because of theta decay.
Theta decay is the phenomenon of the value of an option decreasing as time passes and expiration approaches. This decay happens because as time goes on, there’s less time for the stock price to move in a way that would benefit the options holder.
And this presents an excellent trade opportunity, especially for expiry days 
We’ve covered such an expiry day strategy in our latest newsletter issue 
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