"The likelihood of an option expiring 'in the money' (ITM) **increases** as the time to expiry increases." **Explanation:** * **Time Decay:** Options lose value as they approach their expiration date due to time decay (theta). * **Increased Probability:** A longer time to expiry provides more opportunity for the underlying asset's price to move favorably, increasing the probability of the option expiring ITM. * **Volatility:** Longer durations allow for greater potential price fluctuations, which benefits option holders. **Key SEO Keywords:** Options trading, time to expiry, in the money (ITM), time decay, theta, probability, volatility, option pricing.