Time value is only one piece of the puzzle. ATM options' gamma increases as the options approach expiry which can produce some pretty wild swings. For example, some time ago it was an expiration Friday and some GOOG puts were trading at 0.05 in the morning, later that day some negative news came out and those puts finished the day at 20. You can have a similar situation in an index/ETF, most likely not as extreme, but still you can have an option trading at 0.1 and then a few days later or even on the same day be worth 1.
Please stop trading options until you understand what your risk is. It is clear that this is the problem right now.