> Also, the timing is only applicable to European options which expire on a specific date. American options have no expiration date! Umm, American options stil

> Also, the timing is only applicable to European options which expire on a specific date. American options have no expiration date! Umm, American options still have an expiry date. They can be called earlier than their expiration date, though unless there is a dividend to be paid, its never advantageous to do so. But American options absolutely have an expiration date. They wouldn't make sense otherwise. I mean at price would you sell someone a put or a call if they could wait forever to exercise it? No matter what implied vol you put on the underlying, you would still have to price it at infinity wouldn't you?