Options Greeks

How Draconic reads it

Delta measures how much the option price moves for a one-point move in the underlying. Gamma measures how fast delta changes: the metric that drives market maker hedging behaviour and creates the GEX regime. Theta measures daily time decay: the amount of value an option loses each day through the passage of time alone, which accelerates sharply as expiry approaches and becomes non-linear in the final session of a 0DTE cycle. Vega measures how much the option price changes for a one-percentage-point change in implied volatility: the sensitivity that makes options expensive before events and cheap after them. For multi-dimensional trading analysis, gamma is the most important Greek because it drives the mechanical forces that create invisible price levels.