Price sensitivity

How much the premium moves per $1 change in the underlying. Calls range from 0 to +1; puts from −1 to 0. An ATM option has a delta of roughly ±0.50, meaning it gains or loses about $0.50 for every $1 the stock moves.

Delta sensitivity

How fast delta itself changes as the stock moves. High gamma means your delta — and therefore your exposure — shifts quickly. ATM options near expiry carry the most gamma, amplifying both gains and losses.

Time decay

How much value the option loses each day as expiration approaches. Always negative for buyers. ATM options decay the fastest in their final weeks — all else equal, every day you hold an option it becomes slightly cheaper.

Volatility sensitivity

How much the premium changes for each 1% move in implied volatility (IV). When the market gets nervous and IV spikes, option prices rise even if the stock hasn't moved. Longer-dated options carry more vega.

Rate sensitivity

How much the premium changes for each 1% move in interest rates. Higher rates make calls slightly more valuable and puts slightly less. Rho matters most for long-dated options; it's largely negligible for short-dated ones.