On a day-to-day basis, the first-order Greeks command the lion’s share of our attention. But that’s not to say that the higher-order Greeks can’t be extremely useful in our trade analysis.
One such Greek is Charm, which measures how delta changes with time. Furthermore, both out-of-the-money and in-the-money Charm behave similarly in that they both cause Delta to “decay” quickly, leading to faster extrinsic value drain.
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