--- title: "What are option Greeks (Greeks kya hai) | RupeeCase" description: "The Greeks are sensitivities that tell you how an option's price moves when the future moves, when time passes." source_url: "https://www.rupeecase.com/learn/questions/what-are-option-greeks" --- Delta of an at the money call steepens around the strike as expiry nears Delta of the at the money call on the 30 Jun 2026 chain, drawn against the level of the future, with 20, 10 and 2 days left. Delta is per one point of the future. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026. Take the at the money call on the 30 Jun 2026 Nifty chain, as it stood on 10 Jun 2026. Its price depends on the future, the strike, the time left, the volatility and the interest rate. Each Greek is the slope of the price against one of those inputs, with the others held still. Delta comes first. It is the change in the premium for a one point move in the future. For a call it runs from zero to one, and for a put from minus one to zero. Near the money a call's delta sits close to one half, and it climbs as the call moves deeper in the money. The chart shows delta for the same strike with 20, 10 and 2 days left. The closer to expiry, the steeper the curve becomes around the strike. Theta is the value an option loses each calendar day when nothing else changes. Gamma is how fast delta itself changes, and it is largest near the money and close to expiry. Vega is the change for a one point move in implied volatility. Rho is the change for a one percentage point move in interest rates, and it matters least for short expiries. The Greeks are not forecasts. Delta does not say the index will reach the strike, and theta does not promise a fixed fall in the premium on a given day. They describe how the position reacts, and they change as the index, the time and the volatility change. The Greeks calculator takes a dated chain and shows each one for the strike you pick. **Before you trade.** Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. [Read the SEBI study](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) What are option Greeks (Greeks kya hai)?The Greeks are sensitivities that tell you how an option's price moves when the future moves, when time passes, when volatility changes and when interest rates change. Delta, gamma, theta, vega and rho are the common five, and each one is a slope on the same price, not a forecast of where the index will go. LGo deeper ## Where Learn teaches this. [Go deeperDelta: speed, hedge ratio and the probability shortcut8 min, Beginner](/learn/path-14/module-14-7-delta)[Go deeperTheta: the time decay curve into expiry7 min, Beginner](/learn/path-14/module-14-8-theta-time-decay)[Go deeperGamma: why it grows so fast near expiry8 min, Intermediate](/learn/path-14/module-14-11-gamma)[Try itGreeks calculatorDelta to rho, and vanna to colour in expert mode, from one Black 76 engine.](/learn/tools/greeks-calculator) SSources ## Go to the source. 2 sources, NISM the most cited The publisher of each source listed below. Source: Module undefined source list. 1. [SEBI investor education, Understanding derivatives](https://investor.sebi.gov.in/understanding_derivatives.html) SEBI 2. [NISM, Series VIII equity derivatives test objectives](https://www.nism.ac.in/revamp-nism/test-objectives-revised-nism-series-viii-equity-derivatives-certification-examination/) NISM ?Questions people ask ## Related questions. 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Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. New to RupeeCase? [Getting started](/getting-started) [See the terminal](/terminal) [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera Education only, not investment advice, a research report or a recommendation to buy, sell or hold any security. RupeeCase (QC Alpha Technologies Pvt Ltd) is not registered with SEBI as an investment adviser or research analyst. Contracts and prices shown are for illustration only, come from NSE end of day files at least 30 days old, and are not recommendatory. Derivatives trading carries a high risk of loss.