← All articles
Options 101
The Options Greeks Cheat Sheet
The Greeks measure how an option reacts to different forces. Here they all are, one line each — your quick-reference map.
NoVo Options Trading · 2026
The Greeks measure how an option’s price reacts to different forces. Here’s the whole family at a glance — a quick-reference cheat sheet, with links to the deep dives.
The first-order Greeks
Delta — price change per $1 in the underlying (and rough ITM probability). Gamma — how fast delta changes. Theta — daily time decay. Vega — sensitivity to implied volatility. Rho — sensitivity to interest rates (minor for short-dated).
The higher-order Greeks
Vanna — delta’s sensitivity to volatility. Charm — delta’s decay with time. Vomma — vega’s sensitivity to volatility. Color — gamma’s decay with time. See second-order Greeks for the full picture.
Delta/gamma = direction. Theta = time. Vega = volatility. The higher-order Greeks tell you how those change — and drive dealer flows.
What matters on 0DTE
On 0DTE, focus on delta/gamma (direction, extreme) and theta (fast decay); vega is negligible (higher-order Greeks for 0DTE). Master the first-order four, know the higher-order ones exist, and you’ve got the map.
Ready to put it to work?
NoVo reads the full tape and maps every dealer level live — the market intelligence no human can track by hand — then executes any trade in one click. Trade beside it, or just take the daily read.
NoVo Trader · $169/mo
Trade it in one click.
The cockpit maps every dealer level on your chart and executes your Buy Calls / Buy Puts in one click — it picks the strike, sizes it, and manages the stop and the exit ladder. You decide every entry. Non-custodial, in your own broker.
Start NoVo Trader →
NoVo Analyst · $79/mo
Just want the read?
The live dealer map — dealer positioning, options flow, and in-house sweeps & block prints — plus a written market read every session, to your inbox, the dashboard, and the private Analyst Discord. Structure, levels, and the order-flow footprint.
Get NoVo Analyst — free trial →
NoVo is a software tool for market analysis and for executing trades you initiate, not financial advice. This article is general education, not investment advice. Options trading involves substantial risk of loss, up to and including your entire capital. NoVo makes no guarantee of profit, win rate, or performance, and past results do not predict future outcomes. You are responsible for your own broker account, configuration, and trading decisions.