### Delta

**Delta**,, measures the rate of change of the theoretical option value with respect to changes in the underlying asset’s price. Delta is the first derivative of the value of the option with respect to the underlying instrument’s price .

### Vega

**Vega **^{}measures sensitivity to volatility. Vega is the derivative of the option value with respect to the volatility of the underlying asset.

### Theta

**Theta**,^{}**, measures the sensitivity of the value of the derivative to the passage of time (see Option time value): the “time decay.”**

### Rho

**Rho**,^{}, measures sensitivity to the interest rate: it is the derivative of the option value with respect to the risk free interest rate (for the relevant outstanding term).

### Lambda

**Lambda**,**, ****omega**,, or **elasticity**^{} is the percentage change in option value per percentage change in the underlying price, a measure of leverage, sometimes called gearing.

**Psi**

Psi (**Ψ**) is the total change in option value over the total change in the underlying assets dividend rate, if the asset pays dividends.