Loading live prices...
Module 08

Options Greeks

Options are derivatives that give you the right (not obligation) to buy or sell. The Greeks measure how option prices change.

What Are Options?

An option is a contract giving the buyer the right to buy (Call) or sell (Put) an underlying asset at a set price (strike) before a set date (expiry). Options are priced using mathematical models, and the "Greeks" measure the sensitivity of that price to different factors. Click any Greek below for a comprehensive deep-dive.

Δ
Delta
Range: 0 to ±1.0
Measures how much option price changes per ₹1 move in the stock
  • ATM calls have delta ~0.5
  • Deep ITM calls approach 1.0
  • Used for directional bias
Learn Delta →
Γ
Gamma
Highest at ATM
Rate of change of Delta — how fast your directional exposure shifts
  • Highest for ATM near-expiry options
  • Gamma risk spikes on expiry day
  • Sellers fear high gamma exposure
Learn Gamma →
Θ
Theta
Always negative for buyers
Time decay — how much value the option loses per day just from time passing
  • Accelerates in last 30 days
  • Theta is the option seller's friend
  • Weekends count as lost time
Learn Theta →
ν
Vega
Higher for longer-dated
Sensitivity to implied volatility — how price changes when market fear rises or falls
  • Buy options before high-vol events
  • IV crush kills option value post-event
  • Vega is highest for ATM options
Learn Vega →
ρ
Rho
Minimal impact usually
Sensitivity to interest rate changes — least impactful Greek for short-term traders
  • Matters more for LEAPS (long-dated)
  • Calls gain value when rates rise
  • Puts gain value when rates fall
Learn Rho →

Ready to Start Your Trading Journey?

Open your Demat account today and take the first step towards mastering the stock market. We'll guide you through the entire process.

Click Here to Get Started