Omega

A lesser-known options Greek that measures the percentage change in an option's price for a 1% change in the underlying asset's price, effectively capturing the option's elasticity or leverage factor. Omega combines delta and the leverage inherent in the option's price, giving traders a quick sense of how much bang they are getting for their premium dollar. An option with an omega of 8 would be expected to gain or lose 8% for every 1% move in the underlying, which illustrates just how much leverage options can provide.