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@Function It can be difficult to accurately calculate actual theta effects (for reasons mentioned by DubMcDub, plus other factors). The rapid acceleration of theta effect when expiration date approaches is well documented on the www (with some great graphs). That will give you a general idea. If you are looking for a specific date/time, then you will likely find the answer illusive (if not non-existent). An enlightening illustration is considering how theta is handled over the weekend. There is mention in at least one article at SixFigureInvesting.com (and likely elsewhere) that the Money Makers begin tweaking option pricing on Thursday so that all the upcoming weekend theta effect is absorbed before market close on Friday (to avoid a Friday-to-Monday price jump). So the math goes from being complicated to being subjective.

I'm often asked: if the price changed after the trade alert, what should I do? Should I enter at higher price or be patient and use limit orders? I decided to do a little exercise and check our latest trades. Out of 10 current open trades (some are half allocation), ALL of them could be entered at prices lower than the official alert price. Same is true for previous 10 closed trades. NO EXCEPTIONS. Sometimes it took few hours, sometimes you needed to wait for the next day. But eventually a limit order at price equal or lower than the official price would get filled. I think you get the answer. ALWAYS use limit orders. Never chase the price. If in some rare cases the stock moves and you are not filled, so be it. Better to miss a trade than overpay. Also debunks a myth that our performance cannot be replicated. Patience always pays off. And if not always, then 90% of the time.. On a related note, it is usually also possible to enter the trade before the official alert comes out, based on the information in the discussion topic.