are greeks part of the price of an option 
the greeks are not part of the price of an option they are used to estimate what the price of an option might do in response to changes in the market or the value of the underlying stock this can help you judge the underlying risk of an option and whether it is a good investment or not the bottom linein options investing the greeks are values that estimate the various risk characteristics of an options position they tell traders how an option is likely to react to changes in the market such as a change in the price of the underlying asset greeks can be used to judge the riskiness of an investment in that option the greeks get their name because they are represented by letters from the greek alphabet the five main ones are delta gamma vega theta and rho there are also minor greeks such as lambda epsilon vomma vera zomma and ultima the use of these minor greeks is becoming more common since computers can quickly calculate complex variables for traders 