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User Guide

How to use TheGreeksLenz

A quick walkthrough for retail options traders. Learn what to enter, how to read each dashboard, and how the shared inputs keep the tabs in sync.

1. Start with the shared fields

Every dash uses three basic facts about the option you’re analyzing:

  • Ticker — the underlying symbol (e.g. SPY, AAPL, TSLA).
  • Stock Price — the current price of the underlying.
  • DTE — days to expiration. Lower DTE means higher theta burn and lower vega/rho.

These fields sync across Gamma, Delta, Theta, Vega, and the combined Greeks tab. If you update the stock price on one dash, it updates everywhere. Each dash keeps its own Strike, Delta, Gamma, Theta, Vega, Rho, IV, Interest Rate, and Contracts.

2. Read the dashboards

Gamma Dash

  1. Enter Strike, Delta, Gamma, and Contracts.
  2. The Delta Shift Table shows how delta changes for ±$5, ±$2, and ±$1 stock moves.
  3. Share-Equivalent Exposure converts your position into an equivalent share count.
  4. The Gas Pedal Readout tells you, in plain English, whether your gamma is high, low, long, or short.

Delta Dash

  1. Enter Delta, Gamma, and Contracts.
  2. Exposure Headline shows signed share-equivalent exposure (e.g. LONG 275 shares).
  3. ITM Probability approximates the chance the option finishes in-the-money using |delta|.
  4. Hedge Size tells you how many shares to sell (or buy) to get delta-neutral.

Theta Dash

  1. Enter Theta (per contract, per day) and Contracts.
  2. Summary stats show per-contract decay, total daily decay, and a weekly estimate.
  3. The Decay Curve plots how theta accelerates as DTE shrinks.
  4. The Decay Schedule lists expected decay at 7-day intervals, tightening to 1–2 days near expiry.

Vega Dash

  1. Enter Vega (per 1% IV move), Current IV, and Contracts.
  2. Headline Vega Exposure shows dollars gained or lost per 1% IV move.
  3. IV Sensitivity Table runs from -5% to +5% IV so you can stress-test volatility.
  4. IV Crush Warning estimates the dollar loss if implied volatility collapses after an event.
  5. If Theta is shared, you’ll see a bridge line: what you pay per day in theta for this much vega exposure.

Rho Dash

  1. Enter Rho (per 1% rate move), Current Interest Rate, and Contracts.
  2. Headline Rho Exposure shows dollars gained or lost per 1% rate move.
  3. Rate Shift Table shows the position impact across -2% to +2% rate changes.
  4. LEAP Context Alert appears when DTE is over 365, because rho matters most on long-dated options.

Greeks (combined view)

  1. Enter all inputs once: ticker, stock price, DTE, strike, delta, gamma, theta, vega, IV, rho, rate, and contracts.
  2. Scroll through the five sections to see gamma, delta, theta, vega, and rho together.
  3. Vega and Rho sections stay hidden until you enter those values, so the page stays clean.

3. Where the numbers come from

TheGreeksLenz does not price options from scratch. It reads the Greeks you supply (usually from your broker’s option chain) and scales them to your position size. The math is intentionally simple and fast:

Total exposure = Greek × Contracts × 100

New delta = Delta + (Gamma × price change)

Projected theta = Theta × √(DTE / t_remaining)

Projected vega/rho = Greek × √(future DTE / current DTE)

4. Tips for better reads

  • Use the same expiration cycle when comparing Gamma and Theta — DTE drives both.
  • Enter Theta on Theta Dash first; Vega Dash will then show the theta cost of your vega exposure.
  • Watch the Gas Pedal Readout before earnings or events — that’s when gamma and vega can spike.
  • For LEAPs, check Rho Dash. Rho is tiny on short-dated options but adds up over 1–2 years.

Need the big picture first?

Read About TheGreeksLenz for the gas-pedal metaphor and what each Greek measures.

TheGreeksLenz is for educational and analytical purposes only. It is not financial advice, and the authors are not responsible for trading decisions you make.