Options Forum: Pros Have Expiration Edge

I'm currently long a Google(GOOG Quote) put spread. I've been calculating the option values given different scenarios, different stock prices, time to expiration, etc. One thing that jumped out at me was that Google options, especially if they are trading right at the strike, tend to maintain a slightly positive yet material value, right up until zero days left. For instance, with much less than an hour left, they still can be valued at 30 cents to 50 cents.

I need to decide at what point I'm going to cover the short puts, or whether to let them expire. Will the options that are close to the money retain some positive time value at the close on Friday?

Ideally, I'd like to close the position out for its maximum profit of $10, but I may end up taking less (assuming the trade goes my way) depending on how the options retain time premium. Thanks very much for your insights. -- S.M. ...