Binary Options Greeks
Binary options Greeks are the letters of the Greek alphabet that are used to represent the sensitivity, generally of the options price, to a change in one of the inputs.
Other Greeks do exist but have little weight compared to the above four. In 15 years of options market-making in the pits and subsequently in front of (soul-destroying) screens these were the Greeks that concerned me, with Greeks such as Rho having little bearing even when trading STIRs.
On numerous occasions I have been asked what were the most important lessons I imparted when training an options market-maker to trade. The answer to that is that I’ve never taught anyone to trade, I didn’t have time since all my time was spent on teaching them how not to lose my money!