Option Greeks Summary Table
Every Greek in one comprehensive table — symbol, order, meaning, sign and range.
Greeks Summary Table: This summary table lists every option Greek with its symbol, order, what it measures, its sign for long and short positions, and its typical range — a single scannable reference for Delta, Gamma, Theta, Vega, Rho and the higher-order Greeks.
| Greek | Sym | Order | Measures | Sign | Range |
|---|---|---|---|---|---|
| Delta | Δ | First-order | Sensitivity of option price to a ₹1 move in the underlying | Long call +Δ · Long put −Δ · Short call −Δ · Short put +Δ | Calls: 0 to +1 · Puts: 0 to −1 |
| Gamma | Γ | Second-order | Rate of change of Delta for a ₹1 move in the underlying | Long options +Γ (buyers) · Short options −Γ (sellers) | Always positive for long options; largest ATM, near zero deep ITM/OTM |
| Theta | Θ | First-order | How much an option's value decays with one day's passage of time | Long options −Θ (buyers pay) · Short options +Θ (sellers earn) | Most negative for long ATM options; accelerates as expiry nears |
| Vega | ν | First-order | Sensitivity of option price to a 1% change in implied volatility | Long options +ν (buyers) · Short options −ν (sellers) | Always positive for long options; largest ATM and for longer expiries |
| Rho | ρ | First-order | Sensitivity of option price to a 1% change in interest rates | Calls +ρ (rise with rates) · Puts −ρ (fall with rates) | Small for short-dated options; grows with time to expiry |
| Vanna | — | Second-order | How Delta changes with volatility (and Vega changes with price) | Signed by moneyness and position; near zero at-the-money | Zero ATM; grows in the wings, sign depends on strike side |
| Charm | — | Second-order | How Delta changes with the passage of time (Delta decay) | Signed by moneyness and time; near zero at-the-money | Small far from expiry; grows sharply in the final sessions |
| Vomma | — | Second-order | How Vega changes with implied volatility (volatility convexity) | Long options +Vomma · Short options −Vomma | Near zero ATM; rises into both wings (twin-hump profile) |
| Color | — | Third-order | How Gamma changes with the passage of time (Gamma decay) | Signed by moneyness and time; concentrates around the strike near expiry | Small far from expiry; large signed values around ATM in the final sessions |
| Speed | — | Third-order | How Gamma changes for a ₹1 move in the underlying | Signed by moneyness and position; crosses zero near-the-money | Small far from expiry; large and steep around ATM in the final sessions |
| Ultima | — | Third-order | How Vomma changes with implied volatility (third-order volatility sensitivity) | Signed by moneyness and position; near zero at-the-money | Near zero ATM; signed lobes deep in the wings, only large for big IV moves |
| Lambda | λ | First-order (elasticity) | The percentage change in an option's value for a 1% change in the underlying — option leverage | Long call +λ · Long put −λ · Magnitude largest for OTM, smallest deep ITM | Calls: +1 to +∞ (highest OTM) · Puts: −1 to −∞ · Deep ITM approaches ±1 |
| Zomma | — | Third-order | How Gamma changes when implied volatility changes | Signed by moneyness and position; near zero at-the-money | Near zero ATM; changes sign through the wings as IV shifts the Gamma profile |
| Veta | — | Second-order | How Vega changes with the passage of time (Vega decay) | Vega decays over time; long-Vega positions lose Vega as expiry nears | Largest ATM with time remaining; collapses toward zero at expiry |
See also the visual cheat sheet, the formula reference, and the quick reference.
Frequently asked questions
What is the sign of each Greek for a buyer?
Long calls have positive Delta; long puts negative. All buyers have positive Gamma and Vega and negative Theta. Sellers have the opposite signs.
What are the typical ranges of the Greeks?
Delta runs 0 to ±1, Gamma is small and positive for long options (largest at-the-money), Theta is negative for buyers, and Vega and Rho scale with time to expiry.
Last reviewed 7 July 2026. Educational content only — not investment advice.