What are options Greeks?
Options Greeks are sensitivity measures that describe how an option contract's price responds to changes in market conditions. OptiView displays Delta, Theta, Gamma, and Vega for each contract in the option chain and calculates net Greeks across all legs in the strategy overview panel.
Key Greeks and what they measure
- Delta: measures how much the option price changes for each $1 move in the underlying asset, ranging from -1 to +1
- Theta: measures how much the option price declines each day due to time decay, expressed as a daily dollar amount
- Gamma: measures the rate of change in Delta for each $1 move in the underlying asset
- Vega: measures how much the option price changes for each 1-percentage-point move in implied volatility
How OptiView displays Greeks
- Each option contract in the chain table shows individual Delta, Theta, Gamma, and Vega values
- The strategy overview panel calculates net Greeks by summing values across all strategy legs
- Net Delta shows the overall directional exposure of the full strategy
- Net Theta shows the total daily time-decay gain or loss across the strategy
Why Greeks matter for strategy analysis
- Delta helps evaluate directional risk — a high net Delta strategy gains more when the underlying moves in the expected direction
- Theta indicates whether a strategy benefits or loses value as time passes toward expiration
- Vega indicates sensitivity to implied volatility changes, which is important when IV levels are elevated or depressed relative to historical norms