Option Greeks
Greeks are the sensitivities of option value to spot, vol, time, and rates — the risk report of a non-linear book.
Definition
Option Greeks refers to the risk report of a non-linear book. Keep that definition fixed when comparing series, managers, or regimes — renaming the same tape does not create a new signal.
Why it matters
Options and futures embed views on vol, skew, and path that cash markets only hint at. When the risk report of a non-linear book shifts, related hedges, limits, and narratives usually need an explicit update rather than a quiet assumption.
Case
Suppose a desk is positioned for the opposite of what option greeks is saying. If the risk report of a non-linear book moves against that book, the first question is not “is the story clever?” but whether size, hedges, and stop logic still match the observation.
How to read it
State the expiry and Greek exposure; unmarked vol or pinning effects rewrite the thesis. Prefer a short written null hypothesis for Option Greeks: what would falsify the current reading in the next window?