Option Greeks are not complex calculus when understood through their practical market impact:
- Delta: How much the option price moves for every 1-point move in the underlying asset.
- Gamma: The rate of change of Delta. Crucial for understanding explosive expiry moves.
- Theta: Time decay. The silent killer of option buyers and the lifeblood of option sellers.
- Vega: Sensitivity to changes in Implied Volatility (IV), especially around earnings and budget events.
