What Does a High Vega Value Indicate for an Option Position?

Vega measures the sensitivity of an option's price to a 1% change in implied volatility. A high Vega value indicates that the option's price will change significantly if the market's expectation of future volatility shifts.

Options with longer times to expiration and those that are at-the-money typically have the highest Vega. A high Vega position is exposed to high volatility risk.