Option Greeks and IV reading list: delta to India VIX

Sensitivities of the option premium: delta to the index, gamma to delta itself, theta to time, vega to volatility and rho to interest rates. They describe exposure; they do not forecast the index.

The volatility that, put into a pricing model with the other known inputs, returns the option's market premium. It is solved from the price, not measured from past moves.

The fall in implied volatility once an expected event such as results or the Budget has passed. Premiums can fall even when the index moves, because the event uncertainty has been removed.

India VIX is NSE's measure of the movement Nifty options price in over the next thirty calendar days, built from Nifty option quotes. It reads option prices, not past moves, and says nothing about direction.