Which of the following factors affect options pricing?

The correct choice highlights the critical components that fundamentally influence options pricing. The underlying asset price is pivotal because options derive their value from the performance of the underlying asset; as the price changes, so does the value of the option. Additionally, time to expiration is equally significant—options have a limited lifespan, and as they approach expiration, their time value diminishes. This phenomenon is referred to as time decay, where the extrinsic value of an option is impacted by how much time remains until it expires. Therefore, the interplay between the current price of the underlying asset and the time remaining until expiration plays a crucial role in determining the pricing of options.

The other factors, while relevant in trading contexts, do not directly affect the intrinsic pricing model of options as outlined in the correct choice. Historical trading data may provide context or insight into past pricing behavior but does not define current pricing, and investor psychology, though crucial in market movements, doesn't have a direct calculative impact on option pricing. Similarly, while brokerage fees are important for understanding the cost associated with trading options, they do not influence the actual market price of the options themselves.