Option Delta measures the degree to which an option is exposed to shifts in the price of the underlying asset (i.e., a stock) or commodity (i.e., a futures contract). Values range from 1.0 to –1.0 (or 100 to –100, depending on the convention employed).
Option Theta refers to the rate of decline in the value of an option over time. If all other variables are constant, an option will lose value as time draws closer to its maturity. Theta, usually expressed as a negative number, indicates how much the option’s value will decline every day up to maturity.
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