In Summary...

                                               Price of
                                          Call           Put
--------------------------------
Price of underlying  increase             rise          fall
Price of underlying  decrease             fall          rise
--------------------------------
Time to Expiration    longer              higher        higher
Time to Expiration   shorter              lower         lower
--------------------------------
Exercise Price        higher              lower         higher
Exercise Price         lower              higher        lower
--------------------------------
Underlying volatility increase            higher        higher 
Underlying volatility decrease            lower         lower
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