Option Greeks are statistical values that indicate the risk factors that could affect the value of an option’s contract. There are five main Greeks: Delta, Gamma, Theta, Vega, and Rho.

1. The Delta measures how the price of an option is expected to change per ₹1 change in the price of the underlying asset. It is essentially a measure of the option’s sensitivity to the underlying asset’s price.
2. The Gamma reflects the rate of change for delta with respect to the underlying asset’s price. It represents the risk from the rate of change of the price of the underlying asset.
3. Theta represents the rate of change between the option’s price and the time, or the time sensitivity of an option’s price. It measures the time decay of the option’s price.
4. Vega represents the sensitivity of a derivative’s price to changes in the volatility of the underlying asset. It measures how much the option’s price is estimated to change for every 1% change in the underlying asset’s volatility.
5. Rho, less commonly used, measures the impact of an interest rate change on the price of an option. It gauges how a change in the interest rate can impact the option’s price.

These Greeks allow traders to assess and manage the risk associated with different options positions better.