That same call has a delta of 0.42 and a gamma of 0.06. The stock rises $2.00. What is the new delta, roughly?

0.42, because delta is fixed at the strike

Your position shows a theta of minus 18. What does holding it through a Friday to Monday weekend cost, all else equal?

About $18, because only trading days count

Where is gamma at its largest?

At the money, and it rises sharply as expiration approaches

Deep in the money, where delta is near 1.00

Deep out of the money, where the option is cheapest

It is roughly the same across strikes for a given expiration

Which has more vega, a 30 day at the money option or a 180 day at the money option on the same stock?

The 180 day option, because a change in volatility applies across a longer remaining life

The 30 day option, because it has far more gamma

They are equal, because both are at the money

The 30 day option, because its implied volatility is usually higher

In the final week before expiration, which option loses the most time value in dollars per day?

The deep out of the money option, because it decays fastest in percentage terms

All three lose the same amount, because theta is a property of the expiration

Why does a long call carry positive rho?

Because holding a call defers paying for the shares, and deferring payment is worth more when rates are higher

Because higher rates increase the volatility of the underlying stock

Because the option premium earns interest while you hold it

Because rising rates always push stock prices up

A 0.30 delta call is often described as having a 30 percent chance of finishing in the money. What is wrong with that shortcut?

Delta approximates a risk neutral probability, which prices the contract rather than forecasting the real world outcome, and skew pulls it further from the truth

Delta is a measure of time decay, so it says nothing about direction

The true probability is always exactly double the delta

Delta only applies to puts, so the statement is backwards

You are short a delta neutral straddle. The stock gaps up 5 percent overnight. What has happened to your position?

Negative gamma has turned you short delta into a rising market, adding a directional loss to the volatility loss

Your delta is unchanged, because the position was neutral at the start

You are now long delta in a rising market, so the gap helps you

Your delta flipped but theta covers the difference

Options & Derivatives quiz advanced

Option Greeks Quiz: 10 Questions

Ten advanced questions on what the Greeks do to a position between now and expiration.

10 questions · about 8 minutes · instant explanations · nothing you answer leaves your browser

AI-assisted, reviewed and edited by Ryza Glorioso. How we use AI

Sep 23, 2026 8 min read

About this quiz

A hard ten question test on delta, gamma, theta, vega and rho, with position level arithmetic and the traps that catch experienced options traders. Each question comes with a short explanation of the right answer and a link to the guide that teaches it, so a wrong answer is a reading list rather than a dead end.

The quiz draws on the Options & Derivatives section. If you are new to the topic, start with the guides below, then come back and test yourself. Scores are calculated in your browser and are not stored or sent anywhere.

Frequently asked questions

Is this quiz free?

Yes. Every quiz here is free with no account and no email capture, and the scoring runs in your browser so your answers are never transmitted or stored.

What score counts as passing?

This is the hardest options quiz on the site, so six out of ten is a respectable score and eight means you can size a position properly. Do not judge yourself by the beginner standard of eight or nine.

Do I need to know the Black Scholes formula?

No. Every question can be answered from the meaning of each Greek and simple multiplication, and the explanations show the arithmetic rather than the derivation behind it.

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