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Oct 20, 2025

Options Greeks Cheat Sheet: DTE-Specific Reference Guide

Quick reference guide for options Greeks at key expiration dates. Ideal Greek ranges for covered calls, CSPs, spreads, and decision trees for traders.

You're about to place a trade. The option shows:

  • Delta: 0.35
  • Theta: $0.12/day
  • Gamma: 0.02
  • Vega: $0.08

Is this good? Or are you about to make a mistake?

Most traders stare at these numbers, shrug, and click "Buy" or "Sell" without really knowing if the Greeks are in their favor.

This cheat sheet removes the guesswork. It shows you exactly what "good" Greeks look like for each income strategy, and which Greeks matter most at different expiration dates.

See real Greeks: Our Strategy Analyzer displays delta, assignment probability, and key metrics for every option—helping you quickly assess whether a trade fits your criteria.

The Greeks at a Glance

Greek What It Means Seller Wants Buyer Wants
Delta Directional risk ($1 stock move = $X premium move) Small (0.20-0.40 for income trades) Large (0.50+ for bullish bets)
Theta Time decay per day Large positive (earn money daily) Negative (lose money daily)
Gamma Speed of delta change (risk acceleration) Small (predictable risk) Large (profits accelerate)
Vega Volatility sensitivity Negative (benefit from IV drops) Positive (benefit from IV rises)

Greeks by DTE: What's "Normal"?

At 45 DTE (Entry Zone)

This is where income traders enter most positions.

For a $100 stock, $95 put (out-of-the-money):

Greek Value What It Means Action
Delta -0.25 to -0.30 70-75% chance expires worthless ✅ Standard for income trading
Theta $0.06 to $0.10/day Earn $0.06-0.10 daily, compounded over 45 days = $2.70-4.50 ✅ Good starter theta
Gamma 0.015 to 0.025 $1 stock move = delta changes by ~0.015-0.025 (manageable) ✅ Low risk
Vega $0.06 to $0.12 10% IV drop = option worth $0.60-1.20 less (helps you) ✅ Positive for sellers

Decision: Good entry. Theta is steady. Gamma is manageable. Vega is on your side.

At 30 DTE (Sweet Spot)

Most profitable week for income traders. Theta accelerates, gamma is still low.

For a $100 stock, $95 put (20 days into the trade):

Greek Value What It Means Action
Delta -0.27 to -0.32 Slightly more sensitive (closer to expiration) ⚠️ Monitor closely
Theta $0.10 to $0.15/day Earn $0.10-0.15 daily ($3-4.50/week) ✅ Theta is accelerating
Gamma 0.018 to 0.028 Slightly faster risk acceleration ⚠️ Starting to matter
Vega $0.04 to $0.08 IV sensitivity drops (less protected by time) ⚠️ IV spikes hurt more now

Decision: Still good. You've captured 40-50% of max profit. Still time to hold OR close and roll to next cycle.

At 21 DTE (Decision Point)

You've captured 60-70% of max profit. Gamma is starting to accelerate.

For a $100 stock, $95 put (closing in):

Greek Value What It Means Action
Delta -0.30 to -0.35 More sensitive. $1 stock move = $0.30-0.35 P&L swing ⚠️ Risk increasing
Theta $0.15 to $0.25/day Earning fast ($1.05-1.75/week) ✅ Peak theta acceleration
Gamma 0.025 to 0.035 Delta changes faster. Risk is no longer "smooth" ⚠️ Major decision point
Vega $0.02 to $0.05 IV changes matter a lot now ❌ Very vulnerable to spikes

Decision: This is where professionals make their move. Close for ~75% profit, OR roll to the next week's option. Don't hold further unless you want binary risk.

At 14 DTE (Acceleration Zone)

Theta is amazing. Gamma is dangerous. Binary risk is real.

For a $100 stock, $95 put:

Greek Value What It Means Action
Delta -0.32 to -0.40 Approaching binary territory. Stock move impacts P&L heavily ❌ High risk
Theta $0.20 to $0.35/day Collect $1.40-2.45/week (amazing!) ✅ Peak money maker
Gamma 0.035 to 0.050 $1 stock move = delta changes by 0.035-0.05 (big) ❌ Risk is now asymmetric
Vega $0.01 to $0.03 IV changes are huge relative to option price ❌ Earnings risk

Decision: Only hold if trade is WINNING by 50%+. Theta is great but one bad earnings move wipes out 2 weeks of gains. If position is profitable, close and redeploy.

At 7 DTE (Binary Week)

Theta is your friend. Gamma is your enemy. Vega doesn't matter anymore.

For a $100 stock, $95 put:

Greek Value What It Means Action
Delta -0.35 to -0.50+ Deep binary. Either expires worthless or ITM ❌ No middle ground
Theta $0.30 to $0.60/day Collect $2.10-4.20 for the week (but no time for theta to save you) ⚠️ Irrelevant if stock moves
Gamma 0.060 to 0.100+ $1 stock move = delta swings 0.060-0.10 ❌ Extreme risk
Vega Near $0 IV changes barely matter (expiration is coming) ✅ Ignore IV spikes

Decision: Close any position here unless it's clearly winning. Theta is attractive but gamma can destroy you in 24 hours. The math doesn't work in the final week.

At 3 DTE (Expiration Week)

Option is almost entirely intrinsic value. Greeks are binary.

For a $100 stock, $95 put:

Greek Value What It Means Action
Delta -0.80 to -1.00 Fully binary. Either expires ITM or worthless ❌ No recovery
Theta $0.50+ per day Money is bleeding fast IF option is OTM ⚠️ Works only if not assigned
Gamma 0.100+ Explosive. $0.50 move = 0.50 delta swing ❌ Uncontrollable
Vega Essentially $0 Irrelevant —

Decision: Don't be here. If you closed at 21 DTE, you're already in the next cycle. If you're holding this, you're gambling, not trading.

Strategy-Specific Greek Targets

Covered Calls: What to Sell

Goal: Collect premium while capping upside on 100 shares you own.

Entry (45 DTE) - Ideal Greeks:

  • Delta: 0.30-0.40 (30-40% chance of assignment)
  • Theta: $0.06-0.12/day
  • Gamma: 0.015-0.025 (smooth P&L movement)
  • Vega: $0.06-0.12 (benefits if IV drops)

Example decision tree:

Stock up $2 since entry?
→ If Delta = 0.30: P&L loss ≈ $0.60 (manageable)
→ If Delta = 0.55: P&L loss ≈ $1.10 (keep holding if stock you want)

Theta collected $0.50 in first week?
→ Hold. You're ahead of the "theta curve"

At 21 DTE:

  • Roll if stock is high (theta is already working)
  • Close if stock dropped and delta is 0.10 (theta collected, risk = assignment)

Cash-Secured Puts: What to Sell

Goal: Collect premium while waiting to buy the stock at your strike.

Entry (45 DTE) - Ideal Greeks:

  • Delta: 0.25-0.35 (65-75% safe)
  • Theta: $0.06-0.12/day
  • Gamma: 0.018-0.028
  • Vega: $0.06-0.12

Differs from covered calls because there's no cap—you want the stock to stay ABOVE your strike, not get called away.

At 21 DTE:

  • Close if profitable and stock is nowhere near strike (theta collected, thesis played out)
  • Roll down if stock is near strike and you still want to buy

Put Credit Spreads: What to Sell

Goal: Defined risk, lower capital requirement than naked puts.

Entry (45 DTE) - Ideal Greeks:

For a $50 / $45 put spread (short 50, long 45):

Position Delta Theta Gamma Notes
Short $50P -0.30 +$0.10 0.020 Revenue generator
Long $45P +0.15 -$0.05 -0.010 Insurance (reduces net Greeks)
Net -0.15 +$0.05/day 0.010 Much safer than naked put

Key advantage: Your net delta is half of a naked put's delta. Your net gamma is tiny. But theta is reduced.

When to close: When short put reaches 0.10 delta (still ~90% profit available) or at 21 DTE, whichever comes first.

Call Credit Spreads: What to Sell

Goal: Bearish position with defined risk.

Entry (45 DTE) - Ideal Greeks for a $50/$55 spread:

Position Delta Theta Gamma Notes
Short $50C +0.30 +$0.10 0.020 Revenue: you profit if stock ≤ $50
Long $55C -0.15 -$0.05 -0.010 Insurance: limits loss to $500
Net +0.15 +$0.05/day 0.010 Bullish hedge on short

Similar to put spreads: Reduced delta, tiny gamma, steady theta.

Quick Decision Tree: Should I Hold This Position?

Check current Greeks vs. original Greeks

1. Delta got 2x larger than entry?
   → Stock moved against you significantly
   → Decision: Close if losing, hold if profitable

2. Theta hasn't accelerated as expected by this DTE?
   → IV might have crushed (bad for sellers after drop)
   → Decision: Close and wait for better environment

3. Gamma > 0.050 and DTE > 14?
   → You're in the gamma explosion zone too early
   → Decision: Close early to avoid risk concentration

4. Vega is tiny and DTE > 30?
   → Check IV rank. If IV rank is low, theta will be weak
   → Decision: Consider skipping this trade; wait for higher IV

5. Time to decision date (21 DTE)?
   → Check P&L: Are you at 70%+ of max profit?
   → YES: Close or roll
   → NO: Reassess fundamentals (did thesis break?)

Visual Greeks Reference

Covered Call Entry Checklist

IDEAL RANGE AT 45 DTE:

✅ Delta: [====]  0.30-0.40
✅ Theta: [====]  $0.08-0.12/day
✅ Gamma: [===]   0.015-0.025
✅ Vega:  [====]  $0.06-0.12

IF ANY OF THESE ARE OFF:
- Delta too high (>0.50)? Strike too close. Choose OTM.
- Theta too low (<$0.06)? IV is crushed. Wait for better setup.
- Gamma too high (>0.030)? Too close to expiration. Choose 45-60 DTE.
- Vega negative? Sellers don't want IV spikes. Choose higher IV environment.

At 21 DTE - Close or Roll Decision

Position check:

Status: [          50%          75%         100%      ]
        │          │            │            │
Profit: └──────────CLOSE HERE──CLOSE HERE──DON'T HOLD

Gamma: [   LOW   ===== ===== MEDIUM ===== HIGH   ]
       └──────────────────────────────────────────

Decision Matrix:
- If profit > 70% AND gamma low → HOLD one more week OR CLOSE
- If profit > 70% AND gamma HIGH → CLOSE immediately
- If profit < 70% AND stock neutral → HOLD (still collecting theta)
- If profit < 70% AND stock against you → CLOSE (de-risk)

Common Greek Mistakes (And How to Avoid Them)

Mistake 1: Ignoring Gamma at 14 DTE

Wrong: "Theta is $0.30/day! I'll hold through expiration!"

Reality: One $1 stock move = -$0.50 on your option (delta jumped 0.50)

Fix: Close by 14 DTE. Theta collection isn't worth gamma risk in final 2 weeks.

Mistake 2: Selling Too Deep ITM (High Delta)

Wrong: Sell a 0.70 delta put "because it has high probability"

Reality: Delta 0.70 = 70% CHANCE OF ASSIGNMENT (not 30%)

Fix: Sell 0.20-0.35 delta for CSPs, 0.30-0.40 delta for covered calls. The math is inverted from what new traders think.

Mistake 3: Entering When Vega is Negative (IV is Collapsing)

Wrong: "IV is 40! That's high! I'll sell now!"

Reality: IV was 60 last week. It's collapsing. Your theta will be weak tomorrow.

Fix: Check IV percentile (IV rank). Sell when IV > 50th percentile. Avoid selling into IV that's already high and dropping.

Mistake 4: Chasing Theta in the Final Week

Wrong: "This option has gamma of 0.100 but theta of $0.60/day. I'll hold!"

Reality: One overnight gap costs you 10 days of theta. And the math assumes stock stays flat, which it won't.

Fix: Exit ALL income trades by 14 DTE at the latest. Final week theta is a trap.

Greeks Ranges to Memorize

Entry (45 DTE):

  • Delta: 0.25-0.40 (income trader sweet spot)
  • Theta: $0.06-0.15/day (growing but not extreme)
  • Gamma: 0.015-0.030 (barely noticeable)

Ideal Hold (30 DTE):

  • Delta: 0.28-0.38 (still manageable)
  • Theta: $0.12-0.20/day (excellent)
  • Gamma: 0.020-0.035 (starting to matter)

Close Here (21 DTE):

  • Delta: 0.30-0.40 (decisions compound now)
  • Theta: $0.15-0.30/day (peak collection)
  • Gamma: 0.030-0.050 (risk is real)

Danger Zone (14 DTE):

  • Delta: 0.35-0.50+ (binary risk)
  • Theta: $0.25-0.50/day (not worth gamma risk)
  • Gamma: 0.050-0.100 (extreme)

The Bottom Line

Greeks tell you three things:

  1. Risk exposure (delta + gamma)
  2. Daily earnings (theta)
  3. Volatility protection (vega)

For income traders:

  • Entry at 45 DTE when delta is 0.25-0.35, theta is $0.06-0.12
  • Monitor at 30 DTE—theta is accelerating, gamma is acceptable
  • Decide at 21 DTE—close if profitable, or roll to next week
  • Avoid the final 14 days at all costs (gamma explosion, theta trap)

Print this guide, bookmark it, use it before every trade. The Greeks aren't theoretical—they're your risk dashboard.

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