Delta, theta, gamma, vega — Greeks made simple

Greeks measure how sensitive an option price is to each factor: delta=direction, theta=time, gamma=acceleration, vega=volatility.

The “Greeks” quantify how sensitive an option price is to different factors. Get four intuitions and you are set.

Drag the sliders and feel how each Greek moves the option’s value.

Delta — direction sensitivity

How much the option moves when the underlying moves by 1. Calls 0 to 1, puts -1 to 0. A 0.30-delta call moves about +0.30 for +1 in the underlying. Delta also roughly reads as “probability of finishing ITM” — which is why NOSKA picks strikes by delta.

Theta — time decay

Value the option loses per day. Negative for buyers (time is the enemy), positive for sellers (time is a friend). Theta grows near expiry.

Gamma — acceleration of delta

How fast delta changes as the underlying moves. Largest at ATM and near expiry. This is why 0DTE is risky — high gamma makes P&L swing fast.

Vega — volatility sensitivity

Price change per 1 percentage point of implied volatility (IV). Higher volatility lifts option prices. Options sold when VIX is high can benefit from vega.

In NOSKA

NOSKA matches contracts by the real delta at entry, and the watchlist finds the current contract nearest that delta every day.