What Is the ‘Greeks’ Framework and How Is ‘Vega’ Relevant to Crypto Options Volatility?

The Greeks are a set of risk measures used in options trading to quantify the sensitivity of an option's price to changes in underlying parameters. Vega specifically measures the sensitivity of the option price to a change in the underlying asset's implied volatility.

In crypto, where volatility is high, Vega is critical; a high Vega means the option's price will fluctuate significantly with changes in the market's expectation of future volatility.