Can anyone quickly note down the direction of option price related to these?
delta largest when option at the money
vega up when prices likelynto rise
theta up when time is near or far expiry?
rho …?
Gamma is largest when option is at the money, not delta.
Delta is easy to remember, keep in mind that it is the change in call (or put) price per change in stock price. So for a call, then the option is far into the money it is very likely that a 1$ change in stock price will result in a 1$ increase (or decrease) in the payoff of the call because it is so far into the money that it likely will not expire out of the money. Once a call option gets deep into the money it behaves very much like a share of stock. Conversely, when a call option is way out of the money it will very likely expire with a value of 0 so a single unit change in stock price will not have much affect on the option price. therefore the delta of a call approaches 1 when the option is deep in the money and 0 when it is deep out of the money.
The same is true for put deltas except the put price moves opposite to stock price so the put approaches -1 when deep in the money and 0 when deep out of the money.
The slope or rate of change of delta (gamma) is greatest at the money. The delta of a call option quickly approaches 1 when the option gets into the money and zero when out of the money so all the rate of change is in a small window around the srtike price. Gamma’s for puts and calls exhibit the same behaviour the realtion is just a hump that drops off quickly around the strike price. Gamma is a tough relation to get your head around, just memorize what the graph looks like and that it is the same for puts and calls. Gamma is used to determine the amount of rebalancing due to delta changes when hedging which is why it is more cost efficent to hedge with deep in the money or out of the money options becasue they have a low gamma.
Vega is an easy one. All options have a positive relationship to volatility because the nature of an option is to eliminate downside risk. You don’t care about the trough’s (with a call) and volatility will give you higher peaks so it’s always a good thing.
Theta - Think about theta as kindof the opposite of Vega. The less time you have, the less time there is for the option to get further into the money, keep in mind we don’t have downside risk so the more time we have the more chance the option has to get in the money. Therefore both puts and calls have a negative relation with time. There are weird instances with deep ITM options but don’t worry about that
Rho - I never got the intuition here, just remember call is positive relation and put is negative relation.
If you look at put-call parity, it’s easy:
P0 + S0 = C0 + X / (1 + rf)
When rf goes up , PV(X) goes down; either the put price has to go down or the call price has to go up to maintain equality.
Never thought about it this way, thanks.
That’s why I get the big bucks.
You’re quite welcome.
magic sir u dont help me now 
MGum i technically printed out your post and put it in my noted now! Great post thanks!
Did so.
One cant be more ungrateful than this …