Volland SPX Greek Hedging Greek Hedging (SPX) estimates the daily amount of trading dealers may need to do to stay hedged against changes in SPX and option pricing. Delta hedging (~$41.65B): hedging against SPX price moves; a very large figure suggests substantial underlying trading flows may be required. Vega hedging (~$6.44B): hedging against changes in implied volatility; a large positive number indicates strong sensitivity to volatility shifts. Theta hedging (~-$84.05M): impact from time decay; the negative figure suggests time decay is slightly reducing overall hedging needs. Greek hedging: net notional dealer hedging that needs to be applied by the end of the day @wizofops Source: