Premium

With more Time to mature(TTM) do calls have more or less premium?

More time means more time to get ITM(or deeper ITM). This is good for calls, and is reflected through higher premium.

What is Extrinsic Value (EV)?

The value given to an option's premium based on time to expiration and implied vol. These two things work together.

What is Intrinsic value?

The value of the option based on the money you would receive if you exercised it. This why you rarely exercise; the value you get through exercising is already built into the option's premium.

How is Imp. Vol. correlated with premium?

They are positively correlated.

Why does OTM option's not have IV?

it can not be exercised for any gain, so there is no IV built into their premium. OTM premium is composed entirely of EV.