Options Vega is the change in the value of an option for a 1-percentage point increase in implied volatility. Vega of a long option position (both calls and puts) is always positive. At-the-money options have the greatest vega An option goes in-the-money or out-of-the-money, the smaller is vega. As time passes, option vega decreases Time amplifies the effect of volatility changes. As a result, vega is greater for long-dated options than for short dated options As the above graph indicates, As volatility falls, vega decreases for in-the-money and out-of-the-money options; vega is unchanged for at-the-money options Find Basics of Options Delta Delta ; Gamma. “The greatest ignorance is to reject something you know nothing about”…If you are invested in Markets, it makes sense to be aware of & have an idea about Options.