The Greeks and Option Pricing

Option contracts are "derivative" contracts that give the holder the right to buy or sell an underlying asset on or before a future strike date at a predetermined exercise price. The right to buy is called a "call option" while the right to sell is called a "put option." 

These contracts have an entry fee or price that an option holder must pay the option writer, and this price is determined by or derived from the price of the underlying asset as well as some other factors. 

As these factors change, the price of the option also changes. The sensitivity of the option price to the changes in these factors are called the "Greeks."

The video below describes each of the Greeks.

For discussion:

What are each of the Greeks and what do they mean for an options trader?