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Delta Rules the Greeks, Until You Trade a $200 Stock.
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0:00lesson
Greeks Overview: Delta, Theta, Vega
- Greeks used daily: Delta, Theta, Vega, Gamma. Rho used occasionally
- Delta primary focus. Example: Short put with Delta 35, Theta 8, Vega 25
- Delta and Vega similar on paper but different in practice
- Stock price moves more common than IV changes
1:46WMT· ticker
Walmart (WMT) - Short Put at 105 Strike
- Delta 26, Theta ~$3.50, Vega 15
- Stock price movement (112 to 105) impacts P&L more than theta or Vega
- Delta dwarfs theta and Vega. Implied volatility 30%
- Stock movement drives P&L, not IV changes
3:37AMD· ticker
AMD (AMD) - Short Put at 30 Delta
- Theta exceeds Delta due to higher stock price. Theta ~$3.50, Delta 30
- Implied volatility 30%, but stock movement still impactful
- Higher-priced stocks change Greek hierarchy. Theta > Delta
- Vega 73 > Delta 30. Greek relationships shift
5:29lesson
Spreads: Delta, Theta, Vega Muted
- Spreads (e.g., 460-450 put) reduce individual Greek impacts
- Net Delta +2, Theta $1/day, Vega net short 3
- Greeks cancel out partially. Exceptions to default hierarchy
- Delta, Theta, Vega relationships depend on strategy
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