Yes, as jjevens said. Theta is a measure of the rate of decline in the value of an option due to the passage of time. It can also be referred to as the time decay on the value of an option. If everything is held constant, the option loses value as time moves closer to the maturity of the option (as per investopedia). The term theta-burn is trader slang typically referring to the very rapid erosion of an remaining premium leading up to the expiration date, typically in the last week. If you think that AMZN is headed much lower in the coming weeks+, you could close your Oct puts & roll that approximate amount into another put option with a longer expiration date.

Yes. Move them out to a different time-frame. Weekly options are very volatile especially towards the end of the week.

please explain “roll them”, that requires selling one and buying another correct?

Awesome! Congrats on the trade so far. I didn’t short AMZN personally for a few reasons, including wanting to see the NDX & SPX break those key support levels with conviction first but I also already have my fill of short exposure on the NDX & quite a few related stocks so watching AMZN mainly to see if/when the leading stocks begin to roll over & break support as that will likely bring the broad market down with them. G-luck on that trade & as I’m sure you know, the theta-burn on those puts really starts kicking from here so you might want to take the money & run if AMZN gets even close to that 806.34 support (if not sooner) or at least roll them.