For anyone who has ever traded Options, or is looking to do so, the Option greeks — delta, vega, theta, gamma and rho — are a must-know. Find out why.

If you're new to Options trading, you may have heard the term "Greeks", but are unsure as to what it means. So — what are the Greeks, and how can they help you become a more successful Options trader?

In short, the Greeks are a set of criteria used by Options traders to understand how the price of an Option reacts to changes in certain variables. There are five main Options Greeks: 

Don't be intimidated by these terms: They’re likely less complicated than you think. In this article, we'll walk you through each Greek, explaining how it can help you minimize the risks and enjoy the advantages of Options trading.

Before that, let's get acquainted with Options as a whole.

The first thing to know is that Options are a type of 

 contract. This means they derive their value from an underlying asset, such as a stock, commodity, index or 

Options have an agreed-upon price (known as the 

), at which the buyer gains long or short exposure to the underlying asset. Options always have a predetermined expiration date, at which the contract becomes void.

There are two types of Options contracts: 

The Option contract buyer always pays a fee known as the “Option premium” to the seller. The premium's value is determined by the strike price and the number of days-to-expiration (DTE). For the buyer, the premium represents the maximum potential loss. For the seller, the premium is the maximum potential profit.

Option traders describe strike prices in three ways:

The Greeks are a set of measures used by traders to manage risk and forecast the profit potential of an Option strategy.

When combined, the Greeks can show us how an Option will react to changing market conditions at different points in time. Each of the Greeks affects Option premiums in its own unique way.

Delta is a ratio that calculates how much an Option's price changes when the underlying asset price goes up by $1.00.

For example, a call Option with a delta of 0.50 will increase in value by $0.50 when the underlying moves $1.00 higher. Conversely, a put with a delta of −0.50 will lose $0.50 when the underlying goes up by $1.00.

Delta also represents a strike's odds of expiring in-the-money. When an Option has a delta of 0.60, it has a 60% chance of expiring ITM at that point in time.

Delta can also be viewed as the amount of exposure you have to the underlying asset at that exact moment, relative to the size of your Option position.

For instance, let’s assume you buy a $25,000 OTM call Option on BTC (contract size of 1.0 BTC) with a delta of 0.30. At that moment, your call Option will make or lose the same amount of money as if you were holding 30% of the underlying security (1.0 BTC × delta of 0.30 = 0.3 BTC).

If the value of BTC jumps to $25,000, and the delta increases to 0.50, your exposure will then be equal to 50% of the underlying (1.0 BTC × 0.50 = 0.5 BTC).

A few things to keep in mind about delta:

Vega tells us how much we can expect an Option's price to change if implied volatility moves 1.00%.

Implied volatility (IV) is the Options market's way of predicting how much an asset will fluctuate in the future. When the market expects greater movement, implied volatility rises, increasing the cost of Option premiums.

Theta (also known as time decay) measures the rate of change in an Option premium relative to time — specifically, how much value an Option will lose to time decay in the next 24 hours.

When it comes to time decay, here are some things to keep in mind:

Gamma measures the rate of change in delta relative to a $1.00 move in the underlying asset. Think of delta as the speed at which an Option's value changes, and gamma as its accelerator.

Assuming a call Option has a delta of 0.30, we know it should increase in value by $0.30 when the underlying moves $1.00 higher ($1.00 × 0.3 = $0.30). We've also learned that call Option deltas increase when the underlying asset’s value goes up — it's gamma that tells us 

If the same Option has a gamma value of 0.10, following the $1.00 move up, the delta increases to 0.40 (delta of 0.30 + gamma of 0.10 = 0.40). Subsequently, the next time the underlying moves up $1.00, the premium gains $0.40.

It's helpful to think of gamma as a measure of uncertainty:

More uncertainty as to whether an Option will expire ITM.

Less uncertainty surrounding the Option's prospects.

Rho measures sensitivity to changes in the risk-free interest rate (typically that of U.S. Treasury bills).

Option traders consider rho to be one of the “lesser” Greeks, as it has a limited impact on premiums — especially near-dated Options.

When it comes to rho, there are, however, some things to consider if you're planning to trade longer-dated Options:

To get a better sense of how different strike prices and maturities impact the Greeks, let's compare two different scenarios.

The ITM call has the highest premium and delta. However, it's also the least sensitive to gamma, vega and theta.

As expected, the ATM call has a delta close to 0.50. The strike also has the highest gamma, vega and theta values.

The OTM call has the lowest premium and delta. You'll also notice that because it's closer to the underlying price than the $28.00 call ($3.00 away instead of $4.00), it's more sensitive to the influences of vega, theta and gamma. Since all three strikes are near-dated, rho doesn’t come into play.

Now, let's examine what happens to the Greeks if we extend the contract's maturity.

Apple Inc. Call Options — Expiration: 16 DEC 2022 — 70 DTE

As expected, the ITM call has the highest premium and delta. You'll also notice that because the Option has 70 DTE, it becomes sensitive to rho — in this case, the ITM calls are the most sensitive.

As the 155.00 call is closest to the current price, it has the highest gamma, vega and theta.

As we move further away from the current price, sensitivity to gamma, theta and vega declines.

Note that regardless of the strike price, the 70 DTE calls are less sensitive to theta than the 10 DTE strikes in example 1 (time decay is slower for longer-dated options).

While it's helpful to know how each of the Greeks works, it’s especially crucial to understand delta and theta before trading Options. 

By becoming aware of an option's delta, you'll always know your immediate exposure and the odds of whether your trade will be profitable. Theta is the next concept that all Options traders should strive to master. The key to making the right investment decision is knowing how much value your Option will lose each day as expiration nears.

Remember — all things being equal, an Option loses value as time passes. For this reason, time decay is an Option seller's best friend … and an Option buyer’s greatest enemy.

Although volatility isn’t an immediate member of the Greek family, it’s still a factor to consider. We can think of volatility as a close relative of vega’s.

 is a measure of how much an asset price fluctuated during a certain period in the past.

While historical volatility tells you how much an asset moved in the past, 

 (or IV) reveals how much the Options market expects the asset to move in the future.

The thing to remember about IV is that it's purely theoretical — so it's impossible for anyone, even experts in the field, to predict the future with complete certainty. IV is, however, useful in determining whether Option prices are cheap or expensive.

In stocks investing, the golden rule is to buy low and sell high, and the same is true with Options. By buying Options when IV is low, and selling when it’s high, you significantly increase your chances of success.

Since IV often reverts to its mean over time, successful Options traders usually gauge whether IV is high or low relative to historical volatility before deciding whether to buy or sell Options.

One of the biggest mistakes a rookie trader can make is to dive into Options before gaining a basic understanding of the Greeks.

Without knowing how an Option will react when the underlying moves — or as time passes — it's difficult to make an informed investment decision. That's why, on your Options trading journey, the first step to take is to learn as much as you can about delta and theta.

Once you’ve gotten a solid grasp on those two concepts, you'll be well-equipped to tackle basic Options strategies. To attempt more advanced, higher-risk plays, go one step further to learn about gamma and vega.

The beauty of Options is that they are incredibly flexible, providing more ways to profit than spot or 

Whether your goal is to speculate, generate passive income, or even 

, Options have you covered. You can structure Options to suit your risk appetite and level of experience, and learning about Options Greeks is an excellent first step to take. We recommend that you experiment with different strategies on Bybit's

 before trading Options in real time. Happy exploring!

Beginner

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Option Greeks: Important Symbols Every Trader Must Know

Traders and investors love how the wheel option strategy offers you a road to long-term passive income. Find out how to execute it with our simplified guide.

The wheel strategy (a.k.a "options wheel strategy") is a two-step "Buy Low-Sell High" income strategy used by stock options traders who sell cash-secured puts and covered calls in order to receive stock at a discount, and then sell at an above-market price. With just a few small adjustments, crypto traders can also benefit from this strategy.

An investor continually sells (writes) Out-of-The-Money (OTM) cash-secured puts to collect option premium.

If at the predetermined expiration date the option expires worthless, the writer keeps all the premium — repeating the process until a put eventually expires In-The-Money (ITM).

A put option expiring in-the-money (ITM) exercises automatically.

Unlike traditional equity options where a physical transfer of ownership takes place when exercising an option contract — Bybit's USDC crypto options are "cash-settled". Here, no position transfer takes place. Instead, the option seller's account is credited or debited to the associated cash (

The option contract expires at a settlement price of $19,000 and the seller's account receives a credit of +$1,000 USDC (

Strike Price - Settlement Price + Premium Received

At this point, the option seller enters the market and purchases one BTC, before moving to step 2 of the wheel strategy.

Now holding the underlying crypto asset, the investor sells out-of-the-money (covered) calls to generate a consistent income.

When a call option eventually expires in-the-money — there are two available options:

Sell the underlying crypto asset and return to Step 1 selling cash secured puts.

Keep the underlying asset and continue selling covered calls to generate income.

The most important factor when using the wheel strategy is ensuring your trading account has enough capital to cover the difference between the strike price and the settlement price if the option expires in-the-money. Here, the account balance guarantees the short put is "cash-secured".

Selling a put option is a high-risk strategy with limited upside (collected premium) and significant potential downside — the difference between the strike price and the settlement price, minus the premium received.

For this reason, the chosen strike price should represent a level you are happy to open a long-term position in the underlying asset.

When deciding which put option to sell, there are two main considerations:

If the goal is for the option to expire worthless (collect premium), selling a put with a strike price way below the current market price works better - the lower the strike price, the less chance the option will expire in-the-money. The trade-off is that option premiums decrease the further out-of-the money you go.

If the aim is acquiring the underlying crypto asset, choose a higher strike price you believe will expire in-the-money — ideally not by too much as to offset the amount of premium received.

Before deciding which maturity (expiration date) to sell, consider how the option premium changes over time. All options lose value (time decay) as the expiration date draws near. We can measure exactly how much value an option will lose by using Theta.

Theta is an options Greek measuring the rate an option premium declines over time - as an option moves closer to expiry, time decay speeds up — at expiration the option has zero time value.

A handy way to visualize theta is to imagine a snowball rolling down a mountain. At the top of the mountain, the snowball is small and moving slowly. As it rolls further down the mountain, it speeds up, growing larger along the way, until it reaches the bottom (expiration).

An option with a theta of -0.50 will lose $0.50 each day whereas an option with a theta of -2.00 will lose $2.00 per day. Theta is always represented as negative as it always has a negative effect on an option's price.

Theta is highest for At-The-Money (ATM) options (the strike price is equal to the current price of the underlying asset) decreasing when a strike price moves further into-the-money or out-of-the-money.

For best results, selling near-dated puts with between 30-40 (DTE) offers a good way to maximize time decay whilst not being tied to a less flexible longer-term contract.

In the same way the account balance "secures" the short put, the underlying asset provides the "cover" for the short call. For this reason, you must hold the underlying crypto asset while the short call contract is active.

When choosing which strike price to sell, consider the same factors used to determine which put to sell:

Similar to the put, selling a near-dated call option with between 30-40 DTE offers a good mix of value and flexibility.

Another useful metric to help decide which strike prices will work best when using the wheel options strategy is Delta.

Delta is the amount an option premium changes for every $1.0o change in the underlying asset. Call options have a positive delta ranging between 0 and 1 - whereas put options carry a negative delta ranging between -1 and 0.

For call options, the delta tells us how much the price will rise when the underlying asset ticks higher by $1.00 and how much the price will drop when the underlying asset drops by $1.00. This works in reverse for put options, which lose value when the underlying asset rises, and gain when the underlying assets fall.

Typically, an at-the-money call option will have a delta of - or close to 0.50, meaning the premium will +/- $0.50 for every $1.00 move in the underlying price.

Delta decreases as a call option moves further out-of-the-money (higher than the current market price), and increases when a call option moves deeper into-the-money (lower) — the opposite is true for put options.

Delta is simply the options markets' way of telling us the odds of a strike price expiring in-the-money.

All things equal, an at-the-money option has a 50% chance of expiring in-the-money, and thus is a 50/50 bet - whereas a 0.20/-0.20 delta has a 20% chance of expiring in-the-money.

Higher Delta = Higher chance of expiring ITM.

Lower Delta= Lower chance of expiring ITM.

The wheel option strategy is suitable for investors with a good working knowledge of options trading.

Because crypto options are cash-settled, traders must always remember to acquire the underlying asset when a short put expires in-the-money and sell (if that's the aim) when a short call expires in-the-money. For this reason, the wheel option strategy is best suited to more experienced options traders.

Sideways trending markets with wide trading ranges and clearly defined support and resistance levels (round numbers are often best) works great for the wheel strategy, giving you several ways to yield positive returns:

The below chart shows how you can profit from the wheel strategy:

The breakeven point is the price at which an options strategy is neither making nor losing money. Because the wheel strategy has lots of moving parts, we can't pinpoint a specific breakeven point - instead, we must look at each individual component to work out their respective breakeven points.

The breakeven point when selling a cash-secured put is when it expires in-the-money (below the strike price) equal to the amount of premium received.

Here, the breakeven for the put writer is $18,000. If the put expires at $18,000 their account is debited -$2,000 (

Because the wheel strategy involves acquiring an underlying asset and then selling calls against it, we must also factor in the price of acquiring the underlying asset into our calculation.

Typically, the option seller buys the underlying crypto asset when the put option expires. Choosing not to can impact profitability in three ways:

The writer purchases the underlying asset at the same level as the settlement price:

Settlement Price of $18,000 - Purchase Price of $18,000 - no change

The option writer purchases the underlying asset below the settlement price:

Settlement price of $18,000 - Purchase price $16,000 — a saving of $2,000.

The writer purchases the underlying asset above the settlement price:

Settlement Price of $18,000 - Purchase Price of $20,000 — a loss of $2,000.

Note: To reduce risk you should purchase the underlying asset immediately if the short put option expires ITM.

We can work out the breakeven point for a covered call by calculating at which point the premium no longer offsets a drop in the underlying asset when the option expires.

Assuming an investor acquires one BTC at $20,000, then sells an out-of-the money call option, collecting a $2,000 premium, the breakeven point is $18,000. Here, the $2,000 premium offsets the $2000 drop in the underlying asset.

The sweet spot of an options strategy refers to the optimal price at the expiration date. Just as a wheel options strategy has more than one breakeven point, it also has several sweet spots:

When selling a cash-secured put, the ideal settlement price is when the underlying is equal to the strike price. Here, the option expires worthless and the seller keeps the premium.

Similar to the cash-secured put, the sweet spot for a short covered call is when the option expires at-the-money (expires worthless). The seller keeps the premium, and assuming the call was out-of-the-money when sold, the value of the underlying asset will be higher.

One of the main advantages of trading options is their flexibility. Unlike trading spot or perpetual futures where the only choice is whether to keep the position open or close it, options traders have several ways to adjust their position during adverse market conditions.

Let's assume BTC is trading at $22,000 and an investor sells one BTC $20,000 put option with 40 days-to-expiry and receives a $2,000 premium, believing the price will be close to $20,000 at expiry.

Half way through the contract, now with 20 days-to-expiry, the investor becomes more bearish, believing BTC may trade down to $18,000 before the option's expiration date.

The underlying price has dropped $500 to $21,500 and the option premium is still $2,000 (the time-decay has offset the negative price movement of the underlying).

Here are some ways they can adjust the position to reflect their new, more bearish outlook:

Because the wheel strategy is multi-faceted, in theory, there are several ways for it to play out at maximum profitably:

To understand the potential losses when trading the wheel strategy, we need to break it down into two parts:

Intermediate

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Wheel Strategy: A Long-Term Strategy For Consistent Income

With our collar option strategy guide, find out how you can effortlessly hedge your bullish long positions by selling a call and buying a protective put.

A collar option strategy is used to limit the returns of an underlying long position to a specific range. Typically investors use the option collar to hedge an underlying long position against downside volatility, and at the same time guarantee an exit if the market goes higher.

This is achieved by buying a protective put option and simultaneously selling a 

One way to think of the collar options strategy is it works the same way as placing both a stop-loss and a take-profit order against the underlying asset. By using the strategy, investors limit both the potential upside and potential downside associated with holding the underlying asset.

The first step in the collar option strategy is selecting which strike prices align with your market view.

Let's assume an investor holds 1.0 BTC, which is currently trading at $20,000 and wants to hedge against a drop below $18,000 in the next two months. They may do something like this:

Buy 1.0 BTC $18,000 put option with 60 days-to-expiration (DTE) — the buyer pays a premium of $1,000.

To offset the cost of the put, the investor then sells a covered call option. The call option is usually, although not always, for the same amount of underlying, and with the same expiration date.

The investor sells 1.0 BTC $22,000 call option with 60 DTE — receiving a premium of $1,000.

Here, the cost of the trade is zero ($1,000 premium paid -$1000 premium received). Depending on market conditions and the selected strikes, a collar option may be traded at zero cost (zero cost collar), a net credit (premium received > premium paid), or a net debit (premium received < premium paid).

The cost of the strategy varies depending on the distance of the strike prices to the underlying asset. Typically, a collar position involves strikes of equal distance to the underlying asset. Here, the premiums should hold equal, or close to equal value (delta-neutral).

Delta is the calculation used to determine how much an option premium changes in value for each $1.00 move in the underlying asset. Call options have a positive delta, ranging from 0 to 1, and puts have a negative delta ranging from -1 to 0.

At-the-money options typically have deltas of 0.5/-05, reflecting the equal odds of expiring either in or out-of-the-money.

Call delta increases as the market moves higher, and put delta increases as the price moves lower.

Understanding delta helps to explain the mechanics of the options collar.

If the underlying asset falls, the value of the long put increases at an ever-faster rate, helping to offset the loss in the underlying. If at expiration, the underlying asset is below the strike price, the put delta is -1.0, meaning the value of the put increases at the same rate the underlying falls. Here, the put perfectly hedges the difference between the strike price and the option settlement price.

By contrast, if the underlying moves higher towards the call option's strike price, the premium of the short call increases. Similarly, if at expiry, the underlying asset is above the strike price, the option delta is 1.0. Here, the losses incurred from the short put will offset the underlying’s gains 1:1 above the strike price.

The key difference is that for the short out-of-the-money call to expire in-the-money the underlying will be higher than when the trade was initiated.

The collar option strategy combines the protective put and the covered call strategy. As such, it can be used as an alternative to both.

Combining the two strategies has benefits and limitations. To understand the potential payout and risk of a particular options strategy, option traders use 

The below payoff diagram represents a long position in an underlying asset, like a stock or BTC. The black line is the price moving higher (left to right), and the blue line shows the profit and loss as the market moves away from the purchase price (A).

The main advantage of using the options collar as opposed to a covered call strategy, is the collar's protective put hedges against a drop in the underlying.

The below payoff diagram shows that when used in isolation, the covered call has limited potential profit, and a significant downside (premium received - the difference between the underlying asset price and $0).

 if the underlying price is above the strike price (calls), or below the strike price (puts). Here, there is an immediate benefit in exercising the options.

Any strike price in an unprofitable position relative to the underlying is referred to as Out-of-The-Money (OTM). For puts, this is a strike price below the current market price. For calls, it's any strike price above the current market price. Lastly, a strike price equal to the underlying asset price is called At-The-Money (ATM).

The long put, when used alone, protects against potential downside without limiting the potential profit— the maximum loss is limited to the purchase price of the option.

The collar is a simple option strategy with limited risk, and thus suitable for investors of all knowledge levels. However, to get the best from this play, it's advisable to select the strike prices that match your investment objectives.

As the name suggests, the reverse collar option involves doing the opposite of the traditional collar strategy.

The reverse collar is used to limit an underlying short position to a specific trading range. Instead of writing covered calls and buying puts, an investor with a short position sells covered puts and buys protective calls.

Here, the long call hedges the short position, and the short put limits the maximum profit potential.

The reverse collar is widely used in commodity markets, where its referred to as a "producer hedge". Commodity producers use the strategy to lock in both the best-case and worst-case price levels to exit their underlying short position (future production).

Because the covered call works against the underlying asset in a rising market, the collar option is best deployed when an investor is worried about near-term weakness.

The advantage of using a collar option as opposed to placing a stop and limit order against the underlying is its versatility.

With the collar strategy, the underlying asset could trade below the long put strike price whilst the contract is active but turns higher before the expiration date. Here, the protective put works perfectly, allowing the investor to weather near-term volatility but crucially keep their long-term long underlying position. 

Assuming the cost of entering the trade is zero (premium paid = premium received), the breakeven point at expiration is the same price as when the trade was entered.

Because the corresponding premiums offset each other, the underlying price determines the breakeven point. If the cost of the strategy is a net debit, the underlying asset must rise equal to that amount to offset the cost. Whereas for a net credit, the breakeven point is the price at which the underlying falls equal to the received credit.

The sweet spot for the collar option is when the underlying asset settles equal to the short call strike. Here, the short call is at-the-money and expires worthless and the investor keeps the gains generated from the underlying asset's price appreciation.

Because options are flexible, investors can adjust their position to reflect a changing view of the market. However, doing so can impact the max profit and loss potential.

Because the option collar offers downside protection, investors are unlikely to make adjustments in bearish markets. Instead, let's examine ways to adjust for bullish price action:

The maximum take profit potential is the same as the sweet spot. If the underlying asset is equal to the short call strike price at expiry, the call option expires worthless, and the investor profits from the underlying's appreciation.

The maximum incurred loss potential when using the collar strategy is if the underlying asset is below the long put strike price at the expiration date. Here, the maximum loss is the difference between the price of the underlying asset at the time of trade and the strike price of the put option (+/- the net cost of the trade).

The below example shows how an investor holding an underlying long stock position in Amazon (NYSE: AMZN) totaling 100 shares could use a collar option to protect against potential price volatility in the underlying security surrounding an approaching earnings call:

The investor purchases 1 contract (100 shares) of the Amazon $125.00 put option — paying a premium of $12.00 per share ($1,200)

The investor then sells 1 contract (100 shares) of the Amazon $145.00 call option with the same expiration month — receiving a premium of $11.50 ($1,150)

The cost of the trade is a net debit of $50.00 (premium received - premium paid x option multiplier of 100 shares).

Here, the investor's downside risk is protected if the underlying stock price falls below $125.00, with a guaranteed sale price of $145.00 if the short call option expires in-the-money.

With just a few simple steps, crypto traders can use Bybit's USDC-settled options to deploy the collar strategy to protect the underlying crypto holdings.

Log into your Bybit trading account and under 

Select the desired expiration date, or view all the available expiration dates at the same time.

Select the strike price you wish to trade. Call options are shown on the left-hand side of the option chain and puts on the right.

With the strike now selected, an order placement ticket appears. Here you will find the Greek calculations, the recent trades, and the market depth.

The margin requirement is calculated and displayed at the bottom of the order ticket once you have chosen your order size and direction (buy or sell).

Repeat the process for the remaining strike (either put or call) to complete the options collar strategy.

Accounts with minimum net equity of 1,000 USDC can take advantage of lower margin requirements and higher leverage by signing up for Portfolio Margin mode.

The portfolio margin mode uses a risk-based margin policy designed to reduce margin requirements for hedged portfolios. It does this by offsetting the exposure of long and short options positions against each other.

Because the underlying asset in the collar option hedges the option strikes, Portfolio Margin mode reduces the margin requirements for this strategy significantly.

Advanced

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Collar Option Strategy: Limiting Your Risk While Staying Bullish

Interested to start trading options, but don't know where to start? Learn how to hedge with crypto options and more with the only guide you'll ever need.

Looking to expand your investment portfolio, or keen to start a rainy day fund? Right this way! In this article, you'll learn how to use Options to maximize your profits in uncertain markets. From basic to advanced strategies, there’s something here for everyone. But before we dive in, here are two things about Options we’ll bet you didn’t know:

Options trading as we know it today can be traced back to the philosopher Aristotle, who detailed the first-ever call Option (against an olive oil harvest) in the 6th century B.C.

Stock Options have become so popular that they’re expected to overtake stock trading in volume by 2023.

First and foremost: Options contracts are derivatives. Essentially, this means they're tied to an underlying asset such as a stock, a commodity or a cryptocurrency.

Options always have an agreed-upon price (known as the strike price) at which the buyer will gain long or short exposure to the underlying asset. They also have a predetermined date at which they expire (expiration date).

There are two types of Options: Call Options (calls) and Put Options (puts).

As they’re highly versatile, you can use puts and calls on their own or combine them to create complex Options strategies. Ultimately, the end goal for all strategies is the same — to profit from market conditions.

The Option buyer (sometimes called the holder) always pays a fee (Option premium) to the seller (or writer). This amount indicates the maximum amount of money the buyer can lose, and the most the seller can profit, from the particular trade.

When trading Options, there are three ways to describe a strike price:

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