The time value is directly proportional to the length of time to expiration date of the option. Longer the time to expiration, higher is time value. Time value becomes 0 at expiry.
Delta is the rate of change of option price with respect to the price of the underlying asset. Delta of a long call option (and/ or short put) is always positive and ranges between 0 and 1 and for a long put (and/or short call) is always negative and ranges between 0 and -1.
Vega measures the rate of change of option value to volatility of price of the underlying asset. It is always positive for long options (both for long put and long call) and negative for short options (both for short put and short call).
Theta measures the change in the value of the option with respect to the passage of time. Thus if you bought an option i.e., you are long on an option, you are short theta: all other things remaining the same, the option would lose value with passage of time.
Rho measures sensitivity of option value to the risk free rate.
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