DERIV Derivatives · Updated March 2026 · ~4 min · For TradingView desktop 3.2.1
Crypto Options Greeks: Delta, Gamma, Theta, Vega
The Greeks quantify an option price's sensitivity to different factors. Even if you don't trade options, understanding the Greeks helps you read the market's volatility and hedging behavior.
The four core Greeks
| Greek | Measures |
|---|---|
| Delta | How much the option price moves per 1 move in the underlying (direction sensitivity, ≈ equivalent spot position) |
| Gamma | How fast Delta changes (largest near the strike and near expiry) |
| Theta | Time decay of the option price (the seller's friend) |
| Vega | How much the option price moves per 1% change in implied volatility |
Why spot/perp traders should care
To hedge option Delta, market makers buy/sell in spot/perps — which explains a lot of the strange price action near large strikes and near expiry (the Gamma effect). Understand it and you won't be puzzled by price "pinned to a strike."
Tip: Delta-neutral + collecting Theta is a common option-selling play, but guard the Gamma and Vega tail risk. Pair with Max Pain to understand expiry effects.