Options newb here... Was looking for a way to reduce exposure to craziness and started pricing options. Intrinsic value cannot go negative. So what does negative time value mean? I've seen it pop up a few times. Example: XYZ - 100.00 XYZ Oct08 Nov 50 Call - b: 48.00 a: 49.00 I know, the writer isn't giving away money. So what am I missing?