n options Greeks cheat sheet by days to expiration (DTE) maps how delta, gamma, theta, vega, and rho evolve as an option approaches expiry. Near-term options see theta decay accelerate while gamma risk spikes, making this reference essential for timing entries and managing risk.
Apply These Reference Values to Live Trades
See actual Greek values for any ticker and expiration.
Use these reference tables to understand Greek benchmarks, then check real values in the Strategy Analyzer.
Compare DTE Windows
See how delta, gamma, theta, and vega change across 7, 14, 21, 30, and 45 DTE.
Validate Against Benchmarks
Check if your position's Greeks fit the safe ranges in these reference tables.
Delta Reference Table by DTE
Delta measures directional exposure. For short options, delta shows assignment probability.
| DTE | OTM Put (95 strike, $100 stock) | ATM Put (100 strike) | ITM Put (105 strike) | Risk Level |
|---|---|---|---|---|
| 60+ | -0.20 to -0.25 | -0.45 to -0.50 | -0.75 to -0.80 | Low |
| 45 | -0.22 to -0.28 | -0.48 to -0.52 | -0.78 to -0.82 | Low-Moderate |
| 30 | -0.25 to -0.32 | -0.50 to -0.55 | -0.80 to -0.85 | Moderate |
| 21 | -0.28 to -0.38 | -0.52 to -0.60 | -0.82 to -0.90 | Moderate-High |
| 14 | -0.30 to -0.45 | -0.50 to -0.65 | -0.85 to -0.95 | High |
| 7 | -0.20 to -0.50* | -0.40 to -0.70* | -0.90 to -1.00 | Very High |
| 3 | 0 or -0.50* | -0.50 or -1.00* | -1.00 | Extreme |
* Delta becomes binary near expiration—values swing dramatically based on whether the option is slightly ITM or OTM.
Key insight: At 7 DTE and below, delta is no longer a smooth probability measure—it becomes an "all or nothing" indicator.
Gamma Reference Table by DTE
Gamma measures how fast delta changes. Higher gamma = more volatile P&L.
| DTE | OTM Gamma | ATM Gamma | ITM Gamma | Risk Interpretation |
|---|---|---|---|---|
| 60+ | 0.01-0.02 | 0.02-0.04 | 0.01-0.02 | Negligible risk |
| 45 | 0.015-0.025 | 0.03-0.06 | 0.015-0.025 | Low risk |
| 30 | 0.02-0.03 | 0.04-0.08 | 0.02-0.03 | Moderate—monitor |
| 21 | 0.025-0.04 | 0.06-0.12 | 0.025-0.04 | Elevated—decision point |
| 14 | 0.03-0.05 | 0.10-0.20 | 0.03-0.05 | High—consider closing |
| 7 | 0.02-0.08* | 0.20-0.50* | 0.02-0.08* | Very high—danger zone |
| 3 | ~0 | 1.00-2.00+ | ~0 | Extreme—avoid new positions |
* Gamma becomes highly strike-dependent near expiration. ATM gamma spikes while OTM/ITM gamma collapses.
Rule of thumb: When gamma exceeds 0.10, a $1 stock move changes your delta by 10+ points. At 0.50 gamma, a $1 move changes delta by 50 points.
Theta Reference Table by DTE
Theta measures daily time decay. Positive theta = income for option sellers.
| DTE | Daily Theta (per $1 premium) | Weekly Collection | Annualized Rate | Action Signal |
|---|---|---|---|---|
| 60+ | 1-2% of premium | 7-14% | 35-70% | Entry zone |
| 45 | 2-3% of premium | 14-21% | 70-110% | Sweet spot entry |
| 30 | 3-5% of premium | 21-35% | 110-180% | Accelerating |
| 21 | 5-8% of premium | 35-56% | 180-290% | Decision point |
| 14 | 8-15% of premium | 56-100%+ | 290-550% | Close or roll |
| 7 | 15-30% of premium | 100-200%+ | 550-1100% | Final week—exit |
| 3 | 30-50%+ of premium | 200-300%+ | Extreme | Binary—gamble only |
Example for $1.00 premium option:
- At 45 DTE: Theta ≈ $0.02-0.03/day
- At 21 DTE: Theta ≈ $0.05-0.08/day
- At 7 DTE: Theta ≈ $0.15-0.30/day
Critical insight: Theta accelerates non-linearly. The final 7 days can generate 30-50% of total premium, but gamma risk makes holding dangerous.
Vega Reference Table by DTE
Vega measures IV sensitivity. Lower DTE = less vulnerability to volatility changes.
| DTE | Vega per $1 Premium | IV Change Impact | Risk Level | Strategy Implication |
|---|---|---|---|---|
| 60+ | 0.08-0.12 | 1% IV move = 8-12% of premium | High | Avoid if IV collapsing |
| 45 | 0.06-0.09 | 1% IV move = 6-9% of premium | Moderate-High | Good entry if IV elevated |
| 30 | 0.04-0.06 | 1% IV move = 4-6% of premium | Moderate | Balanced risk/reward |
| 21 | 0.02-0.04 | 1% IV move = 2-4% of premium | Low-Moderate | IV less relevant |
| 14 | 0.01-0.02 | 1% IV move = 1-2% of premium | Low | Theta dominates |
| 7 | 0.005-0.01 | 1% IV move = 0.5-1% of premium | Very Low | Ignore IV |
| 3 | ~0 | Negligible | None | Only price/intrinsic matters |
Trading implication: Short DTE positions (under 14 days) are nearly immune to IV changes. Long DTE positions (45+ days) require careful IV percentile analysis before entry.
Greek Interaction Matrix by DTE Phase
This table shows how all Greeks interact at each DTE phase for a typical short put position:
| Phase | DTE | Delta | Theta | Gamma | Vega | Best Use |
|---|---|---|---|---|---|---|
| Early | 45-60 | Low (0.20-0.30) | Slow ($3-5/day) | Very low (0.01-0.03) | High (-$8-12) | Enter positions |
| Sweet Spot | 30-45 | Moderate (0.25-0.35) | Accelerating ($7-10/day) | Low (0.03-0.05) | Moderate (-$5-8) | Hold or add |
| Decision Zone | 21-30 | Rising (0.30-0.40) | Peak approaching ($10-15/day) | Moderate (0.05-0.08) | Low (-$3-5) | Close at 50%+ profit |
| Acceleration | 14-21 | High (0.35-0.50) | Peak ($15-20/day) | High (0.08-0.12) | Very low (-$1-3) | Close most positions |
| Danger Zone | 7-14 | Binary (0.30-0.60+) | Extreme ($20-30/day) | Very high (0.12-0.25) | Negligible | Close all unless deep profit |
| Expiration | 0-7 | Binary (0 or 1) | Irrelevant | Extreme (0.25+) | Zero | Assignment decisions only |
Position Lifecycle Example: Tracking Greeks Through Time
Scenario: Short $95 put on $100 stock, sold at 45 DTE for $1.50 credit.
| Day | DTE | Delta | Theta | Gamma | Position Value | P&L | Action |
|---|---|---|---|---|---|---|---|
| 0 | 45 | -0.25 | +$0.08 | 0.025 | $1.50 | $0 | Enter |
| 7 | 38 | -0.26 | +$0.10 | 0.028 | $1.20 | +$0.30 | Hold |
| 14 | 31 | -0.27 | +$0.12 | 0.032 | $0.95 | +$0.55 | Hold |
| 21 | 24 | -0.28 | +$0.15 | 0.038 | $0.70 | +$0.80 | Consider close |
| 24 | 21 | -0.30 | +$0.18 | 0.045 | $0.55 | +$0.95 | Close at 63% profit |
| 31 | 14 | -0.35 | +$0.25 | 0.065 | $0.30 | +$1.20 | Gamma rising fast |
| 38 | 7 | -0.40 | +$0.35 | 0.120 | $0.12 | +$1.38 | Danger zone |
Optimal exit: Day 24 (21 DTE) with 63% of max profit captured and gamma still manageable.
Quick Decision Framework
Use this flowchart based on the reference tables above:
Position Check at Current DTE:
1. Is Delta > 2x entry delta?
→ Stock moved significantly against you
→ Decision: Close if unprofitable
2. Is Gamma > 0.10 and DTE < 14?
→ High risk zone
→ Decision: Close immediately
3. Is Theta accelerating as expected?
→ Compare to reference table above
→ If below benchmark: Check IV (vega may be masking theta)
4. Is Vega still significant (> 0.05) and DTE > 30?
→ Monitor IV percentile
→ If IV collapsing: Consider early exit
5. At 21 DTE checkpoint:
→ Profit > 50%? Close or roll
→ Profit < 50% and stock neutral? Hold
→ Profit < 50% and stock against you? Close
Strategy-Specific Greek Targets
Cash-Secured Puts
| DTE | Target Delta | Target Theta | Max Gamma | Notes |
|---|---|---|---|---|
| Entry (45) | -0.25 to -0.35 | $0.06-0.12/day | < 0.030 | 70-75% win rate |
| Monitor (30) | -0.28 to -0.38 | $0.10-0.18/day | < 0.050 | Theta accelerating |
| Close (21) | Any | Any | Any | Take 50-75% profit |
Covered Calls
| DTE | Target Delta | Target Theta | Max Gamma | Notes |
|---|---|---|---|---|
| Entry (30-45) | 0.30-0.40 | $0.06-0.12/day | < 0.030 | Balance yield vs assignment |
| Roll Up (21) | 0.50+ | $0.10-0.20/day | < 0.060 | Stock rallied—capture gains |
| Let Assign | 0.70+ | N/A | N/A | Happy to sell shares |
Credit Spreads
| DTE | Net Delta | Net Theta | Net Gamma | Notes |
|---|---|---|---|---|
| Entry (45) | -0.10 to -0.20 | $0.04-0.08/day | < 0.020 | Defined risk |
| Management (30) | -0.12 to -0.25 | $0.06-0.12/day | < 0.035 | Wider range OK |
| Close (21) | Any | Any | Any | 50% profit target |
How to Use These Reference Values
The tables above provide benchmarks. Here's how to apply them:
- Before entry: Check if your target position's Greeks fit the "Entry" ranges
- During hold: Compare actual Greeks to the reference tables weekly
- At decision points: Use the 21 DTE and 14 DTE checkpoints to guide exits
The Strategy Analyzer shows live Greek values for any ticker and expiration, making it easy to compare against these reference benchmarks.
Practical workflow: Open this reference page in one tab and the Strategy Analyzer in another. Compare the live Greek values to the reference tables before making trading decisions.
Greek Warning Thresholds
Exit or adjust positions when:
| Greek | Warning Threshold | Critical Threshold | Action |
|---|---|---|---|
| Delta | 2x entry value | 3x entry value | Close or roll |
| Gamma | 0.10 | 0.20 | Close immediately |
| Theta | Below reference | Near zero | Check IV (vega issue) |
| Vega | -$15+ (short) | -$25+ (short) | IV spike risk—hedge or close |
Related Reference Materials
Detailed Greek Explanations:
- Options Greeks Explained: Complete Guide — Deep dive into what each Greek measures
- Theta Decay: DTE Curves & Timing — Theta-specific strategies and math
- Options Greeks Cheat Sheet — Printable quick-reference card
Greek Application by Strategy:
- Cash-Secured Puts Playbook — Delta and theta management for CSPs
- 21 DTE Rule — Using Greek dynamics for exit timing
- Gamma Risk Near Expiration — Managing gamma in final weeks
- IV and DTE Timing — Vega considerations for entry timing
Put These Reference Values to Work
Compare live Greek values against these benchmarks.
Use the Strategy Analyzer to see actual delta, gamma, theta, and vega for any ticker and expiration. Validate your positions against the reference tables on this page.
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Frequently Asked Questions
Written by Days to Expiry Trading Team
The Days to Expiry trading team brings together experienced options traders and financial analysts dedicated to helping investors generate consistent income through proven options strategies.
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