Completing the SetWhat are vanna, charm and vomma?

The derivatives of the derivatives. You will not need them to run a wheel, but they have names and they explain a few things the first-order Greeks cannot.

Gamma is already a second-order Greek — the rate of change of delta. Beyond it sit several more, and three come up often enough to be worth naming.

Charm (delta decay) is how much delta changes purely from a day passing. It is why an at-the-money position's delta drifts over a weekend with no price movement at all, and why the final days before expiry reprice a position so quickly.

Vanna is how delta changes when implied volatility moves. It links the directional and volatility exposures: a volatility spike changes not only what the position is worth but how stock-like it behaves.

Vomma is how vega changes as volatility moves — the curvature of the volatility exposure. It matters to desks running large volatility books and essentially never to a wheel seller.

None of these are displayed on this platform, deliberately. Printing a number nobody acts on adds noise to a surface whose job is to make the acting numbers obvious.

Their effects are visible through the first-order Greeks: charm shows up as delta drifting with no price move, vanna as delta shifting when volatility does.

The useful takeaway is that delta is not fixed even when the stock is still. Time alone moves it, and so does a change in implied volatility. A position is a moving object in more than one dimension.

For running a wheel, delta, theta, gamma and implied volatility carry essentially all of the decision-relevant information. The rest is completeness.

Like everything in this guide, these are descriptions of conditions and reference levels — context for your own decisions, not instructions to trade.