Options Greeks are sensitivity measures that describe how an option's price changes in response to various factors. Delta measures sensitivity to the underlying stock price, Gamma measures the rate of change of Delta, Theta measures time decay per day, Vega measures sensitivity to implied volatility changes, and Rho measures sensitivity to interest rate changes. Together, they provide a comprehensive risk profile of any option.

The Greeks are derived from the Black-Scholes Model. Delta ranges from 0 to 1 for calls and -1 to 0 for puts. Gamma is highest for at-the-money options and decreases as options move further in- or out-of-the-money. Theta is typically negative, representing daily time decay. Vega indicates the dollar change in option price for each 1% change in implied volatility. Rho shows the impact of a 1% change in risk-free rates.

For example, a call option with Delta of 0.55 will gain approximately $0.55 for every $1 increase in the stock price. If Theta is -0.05, the option loses $0.05 in value each day from time decay alone. If Vega is 0.15, a 1% increase in implied volatility adds $0.15 to the option price. Understanding these relationships is essential for options traders managing multi-leg strategies and portfolio-level risk exposure.