Why would anyone buy OTM options when they could buy ITM options where the intrinsic value is basically equal to the price of the option? It seems to me like betting solely on extrinsic value via OTM is a bad idea...giving something for nothing in hopes it turns into something. Where does time value factor in to your trading strategy? And i know i am a noob-ass on an "elite" trading site asking rudimentary questions but please help a brother out. I do appreciate the help.