Option Greeks are a set of mathematical measurements used to quantify various aspects of options pricing and risk. They are represented by Greek letters and help traders and investors understand how changes in certain factors can affect the price of an option. The main Option Greeks are as follows: Delta (Δ): Delta measures the sensitivity of the option price to changes in the price of the underlying asset. It indicates how much the option price is expected to change for a one-point movement in the underlying asset. Delta ranges from 0 to 1 for call options and -1 to 0 for put options. A delta of 0.5 means that the option price will move roughly half as much as the underlying asset. Gamma (Γ): Gamma measures the rate of change in the delta of an option in response to changes in the price of the underlying asset. It quantifies the convexity of an option's price curve. Gamma is highest for at-the-money options and decreases as the option moves further in or out of the money. High gamma indicates that the delta can change significantly with small price movements in the underlying asset. Theta (Θ): Theta measures the rate at which the option's price changes with the passage of time, often referred to as time decay. It represents the daily erosion of the option's value as it approaches expiration. Theta is typically negative for long option positions, indicating that the option loses value over time. Vega (V): Vega measures the sensitivity of the option price to changes in volatility, a measure of the market's expectation of future price fluctuations. It quantifies the impact of changes in implied volatility on the option's value. Vega is usually positive, indicating that an increase in volatility tends to increase the option price, while a decrease in volatility tends to decrease the option price. Rho (ρ): Rho measures the sensitivity of the option price to changes in interest rates. It indicates the expected change in the option price for a 1% change in interest rates. Rho is generally more significant for longer-term options and is positive for call options and negative for put options. These Option Greeks help traders and investors understand the risks and potential returns associated with option positions. By analyzing and monitoring the Option Greeks, traders can make more informed decisions about option strategies, position adjustments, and risk management. It's important to note that the Option Greeks are not static and can change as underlying asset prices, time, volatility, interest rates, and other factors fluctuate. Therefore, regular monitoring and analysis of the Option Greeks are essential when trading options.