Delta (Δ) explains how an option will react if the price of the underlying asset changes, and it can give an idea of whether an option will end up in-the-money at expiration. Values range from 1.0 to –1.0.

Theta (Θ) tells us how an option’s price changes as time goes by. All options eventually expire. As they approach expiry, they decrease in value. Theta tells us how quickly this decline takes place. A -.5 theta means an option goes down $.50 every day.

Gamma (Γ) expresses the rate of change in an option's delta per 1-point move in the underlying asset's price. In other words, Gamma explains convexity, or the slope of delta. It is expressed as a percentage.

Vega (V) explains how an option's price changes as (implied) volatility of the underlying asset changes. All options go up in value when the market predicts increased future volatility.

Rho(ρ) expresses the relationship between interest rates and an option’s price. If negative, an option will go down in value if interest rates go up. If positive, an option’s value will go up if interest rates go up.