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What Market Factor Does Vega Specifically Measure Sensitivity To?

Vega measures the sensitivity of an option's price to changes in the volatility of the underlying asset. An increase in volatility generally increases the probability of extreme price movements, thus increasing the value of both call and put options.

Vega is crucial for traders managing risk related to market expectations of future price fluctuations.

How Does the “Vega” of an Option Measure Its Sensitivity to Volatility Changes?
Explain How Vega Measures an Option’s Sensitivity to Changes in Implied Volatility
What Is Vega and How Does It Relate to the Risk of an Options Portfolio?
What Is the Greek Letter That Measures the Sensitivity to Implied Volatility?