{"slug":"what-is-option-vega","qid":"vega_money","label":"SPY call vega peaks at the money (~30 days out, 2026-07-13)","post_title":"What Is Option Vega? Volatility Sensitivity","post_url":"/blog/what-is-option-vega#q-vega_money","columns":["moneyness","avg_vega"],"rows":[{"moneyness":"deep ITM","avg_vega":0.458},{"moneyness":"ITM","avg_vega":0.776},{"moneyness":"ATM","avg_vega":0.862},{"moneyness":"OTM","avg_vega":0.706},{"moneyness":"deep OTM","avg_vega":0.204}],"shape":"ranking","sql":"SELECT multiIf((strike_price/underlying_close-1)<-0.04,'deep ITM',\n               (strike_price/underlying_close-1)<-0.015,'ITM',\n               (strike_price/underlying_close-1)<0.015,'ATM',\n               (strike_price/underlying_close-1)<0.04,'OTM','deep OTM') AS moneyness,\n       round(avg(vega), 3) AS avg_vega\nFROM global_markets.options_greeks\nWHERE date = '2026-07-13' AND underlying_symbol = 'SPY' AND option_type = 'C' AND days_to_expiry BETWEEN 25 AND 40\nGROUP BY moneyness ORDER BY avg(strike_price/underlying_close)","computed_at":"2026-08-13T14:46:39.938945+00:00","elapsed":0.002330424}