I think on holiday weekends it is gratis and theta gets put on hold. on business days it is only the last 2 hours it applies to. mondays are gratis too. so basically it is only 8 hours a week. the last 2 hours Tuesday thru Friday.
ya, I remember reading something like that: they devalue the options in the last couple hours of the trading day, NOT overnight/over weekend. I think I will experiment with a couple puts on AMZN this weekend, learn first-hand. Thanks for all the input guys!