The Option Greeks: Delta & Gamma
The first two Greeks. Delta — how much an option's price moves per pound of underlying, its share-equivalent exposure, and its read as a probability. Gamma — how delta itself changes, the accelerator that makes at-the-money options near expiry so explosive.
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Moneyness: In, At & Out Of The Money
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The Option Greeks: Theta & Time Decay
Theta — the Greek that measures time decay. How much an option loses each day simply because expiration draws nearer, why that decay accelerates into the final weeks, why it peaks at the money, and why it makes time the option buyer's enemy and the seller's ally.
The Option Greeks: Vega & Implied Volatility
Vega — how much an option's price moves when implied volatility changes — and implied volatility itself, the market's forecast of future movement baked into every premium. Why both calls and puts gain when volatility rises, the earnings 'volatility crush', and how to trade volatility rather than just direction.
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