> For the complete documentation index, see [llms.txt](https://docs.earn.polynomial.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.earn.polynomial.fi/fundamental/options-primer/the-greeks.md).

# The Greeks

The specific risk metrics of each option can be measured in terms of *4* common metrics, often called The Greeks.

1. **Delta (Δ)** measures the sensitivity of an option’s price relative to the change in the underlying asset’s price. In other words, if the price of the underlying asset increases by $1, the price of the option will change by *Δ* amount.
2. **Gamma (Γ)** represents the rate of change of Delta relative to the change of the price of the underlying asset. Since Delta frequently changes with underlying asset’s price, Gamma provide insights into what to expect from the future. Near at-the-money options have highest Gamma value.
3. **Vega (v)** measures the sensitivity of an option’s price to volatility. If the underlying asset’s volatility increases by 1%, option’s price will increase by *v* amount.
4. **Theta (Θ)** represents the rate of time decay of an option. If the option’s time to maturity decreases by one day, the option’s price will change by the *Θ* amount.

Traders often use these metrics to compare the risk of options and make decisions as to which option closer meets their strategy.


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