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Greeks
What Is Veta? How Vega Decays With Time
Veta is the quiet Greek that explains why a 0DTE option barely cares about a volatility move while a monthly option cares a lot.
NoVo Options Trading · 2026
Veta (sometimes DvegaDtime) measures how an option’s vega changes as time passes — the time decay of your volatility exposure. It’s a second-order Greek that ties volatility sensitivity to the clock.
What veta captures
Vega isn’t fixed over an option’s life — it shrinks as expiration nears (there’s less time for vol to matter). Veta measures that erosion. It’s why a long-dated option has large vega (very volatility-sensitive) while a 0DTE option has tiny vega (a vol move barely changes its price on the last day).
Why it matters
Veta explains a practical fact: on 0DTE, IV changes matter far less to your option than they would on a monthly, because there’s almost no vega left to be moved. Your 0DTE P&L is dominated by delta and theta, not vega. That’s veta at work — it has bled the volatility exposure away.
Veta is why a 0DTE option shrugs off a vol move a monthly would swing on: by expiration day, there’s almost no vega left for volatility to touch.
What it means for a scalper
For a 0DTE scalper, veta’s takeaway is simple: on expiration day you’re trading direction and time decay, not volatility — the IV crush that hurts longer-dated options has little vega left to bite on 0DTE. One more piece of the higher-order Greek map.
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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.