How Is the “Greeks” (E.g. Delta) Used to Manage Risk in Options Trading Related to Crypto Volatility?

The "Greeks" are a set of metrics used to measure the sensitivity of an option's price to changes in underlying variables. Delta measures the option's price change relative to the asset's price change.

Gamma measures the rate of change of Delta. Theta measures time decay.

Vega measures sensitivity to volatility. Traders use these to manage portfolio risk, for example, by balancing their Delta exposure to achieve a market-neutral position, or by managing Vega to hedge against sudden crypto price swings.