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+Greeks and Income Generation
+With volatility-selling strategies (sometimes called income-generating
+strategies), greeks are often overlooked. Traders simply dismiss greeks as
+unimportant to this kind of trade. There is some logic behind this reasoning.
+Time decay provides the profit opportunity. In order to let all of time
+premium erode, the position must be held until expiration. Interim changes
+in implied volatility are irrelevant if the position is held to term. The
+gamma-theta loses some significance if the position is held until expiration,
+too. The position has either passed the break-even point on the at-expiration
+diagram, or it has not. Incremental daily time decay–related gains are not
+the ultimate goal. The trader is looking for all the time premium, not
+portions of it.
+So why do greeks matter to volatility sellers? Greeks allow traders to be
+flexible. Consider short-term-momentum stock traders. The traders buy a
+stock because they believe it will rise over the next month. After one week,
+if unexpected bearish news is announced causing the stock to break through
+its support lines, the traders have a decision to make. Short-term speculative
+traders very often choose to cut their losses and exit the position early rather
+than risk a larger loss hoping for a recovery.
+Volatility-selling option traders are often faced with the same dilemma. If
+the underlying stays in line with the traders’ forecast, there is little to worry
+about. But if the environment changes, the traders have to react. Knowing
+the greeks for a position can help traders make better decisions if they plan
+to close the position before expiration.