Intermediate

Option Greeks Quiz

By Dennis Bosmans · Updated June 2026 · 2 min read · Risk disclaimer

The Greeks tell you how an option price reacts to the things that move it. See whether you can match each Greek to what it measures.

Pick an answer for each question — your score appears at the end.

1. Question 1Delta measures an option’s sensitivity to…

   TimeThe underlying priceVolatilityInterest rates

   Delta is the change in option price for a $1 move in the underlying.

2. Question 2Theta represents…

   Time decayVolatilityPrice sensitivityDividend risk

   Theta is how much value an option loses as one day passes, all else equal.

3. Question 3Vega measures sensitivity to…

   Implied volatilityPriceTimeRates

   Vega is the change in option price for a 1-point change in implied volatility.

4. Question 4A long option’s theta is generally…

   PositiveNegativeZeroUndefined

   Buyers lose time value daily, so a long option has negative theta.

5. Question 5Gamma is highest for options that are…

   Deep in the moneyAt the moneyDeep out of the moneyExpired

   Gamma peaks at the money, where delta changes fastest.

6. Question 6Rho measures sensitivity to…

   DividendsInterest ratesVolatilityTime

   Rho is the impact of a change in interest rates on the option price.

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