 Welcome to the chapter on Vega. So far we've seen delta and gamma. Vega is the Greek that responds to changes in implied volatility. So again we are looking at the spiders and what I'm going to do is get all the options closed out and also I'm going to customize my layout here. Okay so let's start with our May series again. It's got 60 days to expiring and what we have here is Vega. So the Vega column you can see is in fact let me get the last price also. So all we have is the bid ask prices and the Vega. So this is the May option series and you can see that if the at the money call and at the money puts will be at the strike price of 141 because the last traded price is $140.85. So the closest strike price to the money is going to be the 141 strike price. So Vega is shown here as 23 cents and then on the call side as well it's 23 cents and again just like gamma the concept of Vega works exactly the same for either calls or puts. So we don't need to look at both of them if you understand it conceptually from one one of those options the same principles carry over to the other one as well. So to keep things simple we'll just look at call options and you can see that the Vega here is 23 cents. So what this means is for every 1% change in implied volatility this option is going to move by 23 cents. So your option prices move because of three different variables one is the price movement of the underlying two is the implied volatility and three is the time to expire.