Will the time value of an option decrease within intraday?

I understand the time value of an option is based on the number of days left to expiry.

In actual trading, will the option price decrease within the trading hours because of time value?

Say morning the price is X and during evening the price is X-something, assuming all other values are same or have no effect.

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Yes, the time value in the option decreases during intraday, one of the reasons why option writing/shorting is considered a better intraday strategy than buying options, especially when the market volatility is low.

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Option pricing models, consider only number of days to expiry, in that case, is it possible to get fair price values within intraday?

Nithin, one more question, will time value decay if between the end of trading day and the open of next day? assuming all other factors and underylying index or same

Yes, Arun. In sideways market with low volatility, I have seen there is a gap down between today’s closing and tomorrow’s opening price, in nifty options sometimes close to 10 points too.
Option buyers are borne to this inherent risk of time erosion,