Options Greeks: The Complete Guide to Reading Your Trade's P&L
Options Greeks: The Complete Guide to Reading Your Trade's P&L March 17, 2026. You sold a 20-delta strangle on SPY, collected $9.04 in premium, and
What is Delta in Options? The P&L Driver You're Underestimating
You sold a 20-delta strangle on SPY. Net delta: approximately zero. Two days later, SPY drops $10 and your position is down $76 from delta alone, nearly wiping out two
What is Gamma in Options? The Hidden Cost of Short Premium
Your SPY strangle collected $904 in credit. Five quiet days pass, and theta deposits $173 into the account. Then SPY drops $15 in a single session, and gamma eats every
What Is Vega in Options? The Greek That Actually Drives Your P&L
You sold a 20-delta strangle on SPY at 31 DTE. Five quiet days pass. Theta drips $173 into the account. Then implied volatility spikes 2 points overnight, and vega rips
Theta Decay Explained: What Your Options P&L Actually Looks Like
We ran two short volatility trades over the past couple of months. One in TLT, one in EWY. Both had positive theta decay every single day. Both had a positive