---
title: "Options Greeks Reference Table"
description: "Quick reference table for options greeks: delta, gamma, theta, vega, and rho. Definitions, typical values for at-the-money options."
canonical: https://www.getswoopr.com/tables/trading/options-greeks-reference/
source: "Swoopr Investment: https://www.getswoopr.com"
---

## Direct Answer



> The options greeks measure how an option's price changes with respect to underlying price (delta), time (theta), volatility (vega), interest rates (rho), and the rate of delta change (gamma). Delta ranges from 0 to 1 (calls) or 0 to -1 (puts). At-the-money options have delta approximately 0.50. Theta is always negative for long options (time decay). Vega is always positive for long options (volatility increases option value).








# Options Greeks Quick Reference Table



## Options Greeks Summary Table



| Greek | Measures | Direction (Long Call) | Typical at-the-money value |
| --- | --- | --- | --- |
| Delta | Price sensitivity to $1 move in underlying | Positive (0 to 1) | Approximately 0.50 |
| Gamma | Rate of delta change per $1 move in underlying | Positive (increases delta gains) | Highest ATM; lowest deep ITM/OTM |
| Theta | Daily time decay (dollars per day) | Negative (loses value each day) | -$0.01 to -$0.05 per day for typical equity option |
| Vega | Value change per 1% implied volatility change | Positive (IV increase = value increase) | $0.05 to $0.20 per 1% IV change |
| Rho | Value change per 1% interest rate change | Positive for calls, negative for puts | Small for short-dated options; larger for long-dated (LEAPS) |



Source: [CBOE: Options Education](https://www.cboe.com/optionsinstitute/). Last verified: September 2026.



## Frequently asked questions



How does delta change as options approach expiration?

As an option approaches expiration, delta behavior changes dramatically. Deep in-the-money (ITM) options: delta approaches 1.0 (calls) or -1.0 (puts) -- the option behaves almost like owning/shorting the stock. Deep out-of-the-money (OTM) options: delta approaches 0 -- the option is unlikely to expire in-the-money. At-the-money (ATM) options: delta stays approximately 0.50 until very close to expiration, then becomes highly sensitive to whether the stock is above or below the strike. This pin risk behavior (rapid delta change near expiration for ATM options) is the gamma manifestation -- gamma spikes dramatically for ATM options near expiration, making small price moves create large delta changes.



What is gamma scalping?

Gamma scalping (also called delta hedging) is a professional options strategy used by market makers and sophisticated traders. The trader holds a position with positive gamma (typically long options) and continuously rebalances the delta hedge as the underlying stock moves. When the stock rises, the option's delta increases (positive gamma), so the trader sells some stock to return to delta-neutral. When the stock falls, the trader buys stock. If the stock moves enough (realized volatility exceeds implied volatility), the constant rebalancing generates profits that exceed theta (time decay) costs. Gamma scalping is profitable when realized volatility exceeds the implied volatility paid for the options -- a volatility arbitrage strategy.



Why does vega matter more for longer-dated options?

Vega (sensitivity to implied volatility changes) is proportional to the time to expiration. A 1-year option has approximately twice the vega of a 3-month option. Longer-dated options have more time for volatility to manifest, so implied volatility changes have a larger effect on their value. Practical implication: LEAPS (long-term equity anticipation securities, typically 1-2 year expirations) have very high vega -- buying LEAPS when implied volatility is low and selling when IV rises can be profitable independently of the underlying stock's direction. Conversely, short-dated options have low vega but very high gamma -- they are more sensitive to immediate price moves and rapid delta changes near expiration.







## Cite This Page



If you reference this table in your own work, use the following citation format and add the date you accessed it:



> Swoopr Editorial Team. (2026). *Options Greeks Quick Reference Table*. Swoopr Investment. [https://www.getswoopr.com/tables/trading/options-greeks-reference/](https://www.getswoopr.com/tables/trading/options-greeks-reference/)



Check the figures against the primary sources listed under References before you rely on or republish them; the series they come from are revised.





## References

- [CBOE: Options Education](https://www.cboe.com/optionsinstitute/)



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