Rho
The change in an option’s price per one-percentage-point change in interest rates. Calls have positive rho, puts negative. For short-dated options rho is usually the least important Greek.
Rho spent a decade being ignored and then mattered again when rates left zero. It scales with time to expiration, so LEAPS and long-dated index options carry meaningful rate sensitivity while weekly options carry almost none.
For most strategies on this site rho is a footnote — but a footnote worth knowing exists before trading multi-year options.
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