Delta, gamma, theta aur vega — bina formula ke, sirf ye ki har ek aapke paise ke saath karta kya hai
Published by The Retail Trader · AUG 09, 2026 · Features
Option ka premium ek hi cheez se nahi banta. Isliye 'market mere direction mein gaya par premium gir gaya' wala anubhav har naye option buyer ko hota hai. Greeks wahi chaar dials hain jo ye premium ghumate hain — aur inhe samajhne ke liye maths ki nahi, sirf intent ki zaroorat hai.
Delta batata hai ki underlying 1 rupee chale to option ka premium lagbhag kitna chalega. Deep OTM option ka delta bahut kam hota hai, ATM ke aas-paas madhyam, aur deep ITM par wo lagbhag futures jaisa behave karne lagta hai.
Iska practical matlab: ek sasta OTM option isliye sasta hai kyunki wo underlying ke move ka bahut chhota hissa pakadta hai. Aap direction par sahi ho sakte ho aur phir bhi kuch khaas na kamao, kyunki aapne jo instrument chuna usne move ka bas thoda sa hissa uthaya.
Gamma delta ka delta hai. Ye batata hai ki spot ke chalne par aapka delta kitni tezi se badlega. Gamma ATM strikes par sabse zyada hota hai aur expiry paas aane par aur tez ho jaata hai.
Yahi wajah hai ki expiry ke din ATM option ek minute mein zero jaisa aur agle minute mein double dikhta hai. Wo pagalpan nahi hai, wo gamma hai. Option sellers ke liye yahi sabse khatarnak greek hai, kyunki position ka character bina kuch kiye badal jaata hai.
Theta batata hai ki sirf ek din beet jaane se premium kitna girega, chahe spot hile hi nahi. Buyer ke liye theta har roz ka kharch hai; seller ke liye har roz ki aamdani.
Theta ek seedhi line mein nahi girta — expiry paas aate-aate uski raftaar badhti hai. Isiliye 'thoda aur ruk jao, wapas aa jaayega' wali soch weekly option mein sabse mehengi padti hai.
Vega batata hai ki volatility ki umeed badalne par premium kitna badlega. Bade event se pehle sabka dar badhta hai, isliye premium phool jaata hai. Event guzarte hi wo hawa nikal jaati hai.
Isliye result ya policy se ek din pehle mehnga option kharidna do baar ka daanv hai: direction bhi sahi chahiye, aur move itna bada chahiye ki vega ke girne ka nuksaan bhi cover ho jaaye.
Ek line mein, ek option buyer ke khilaaf kaun-kaun khada hai:
• Theta — har guzarte din paisa kaat raha hai.
• Vega — event ke baad premium ki hawa nikal deta hai.
• Delta — agar strike door hai to move ka bahut kam hissa aapko de raha hai.
• Gamma — akela greek jo buyer ke haq mein tezi la sakta hai, par wo expiry ke bilkul paas hi jaagta hai.
Isliye option buying ka case sirf tab banta hai jab move bada, tez aur jaldi ho. Dheema aur sahi move option buyer ko bhi haraa deta hai.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.