@William D there is no doubt that the time value will go to...

@William D there is no doubt that the time value will go to zero, ( as the time to expiry diminishes, but I imagine much closer to the expiry date).

I guess my point was that, altho that "time to expiry" has diminished the time value in this case (anecdotally) has increased from .006 to .010 , which may be showing an unusual disparity between the heads and the oppies...suggesting that there currently may be a significant value issue between the two.

In response to your original post the zero time value showed that there was a much better rate of return by buying the options versus the heads...however that would be dependant upon whether the the oppies were valued correctly relative to the heads, (in case there was any lagging of oppies to heads, either behind or in front) and since your post mentioned the zero time value, but the current value of the oppies does have a time value included, so therefore the oppies would need to not move relative to the heads to absorb the premium that is already factored in... ie: heads would move to .026 without any move of the oppies from .006.

Since I dont think that will happen, I agree that the oppies ( assuming that the SP rises, oppies are in the money), are a better play ( in terms of %return) but obviously offset by the risk involved if SP doesn't rise .

Just thinking out loud, and as such this is not advice

any TA guys out there interested in posting a chart?..

GLTAH