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The rate of change in an option's price for a $1 move in the underlying stock. A 0.30 delta put has roughly a 30% probability of expiring in-the-money. Premium sellers typically sell at 0.15–0.30 delta.
⚡ KEY TAKEAWAY: Sell at 0.15–0.30 delta for 70–85% probability of profit. Lower delta = safer but less premium.
Gamma
High gamma near expiration = your delta shifts fast on any move. Close or roll by 21 DTE to stay ahead of gamma risk.
Theta
Your daily paycheck as a premium seller. The closer to expiration, the faster it accrues — but gamma rises too, so don't get greedy.
Theta Decay
Theta accelerates after 21 DTE. Sell at 30–45 DTE, manage at 21 DTE to capture the steepest decay curve.
Vega
Sell when vega is high (elevated IV) so you profit from both theta decay AND the eventual IV drop. Double tailwind.