# GK003 Theta

What does the passing clock change?

8 guided steps connect the formula, its symbols and the picture. Explore, read aloud, and explain in your own words.

European non-dividend Black–Scholes examples. Daily theta, per-IV-point vega and model limitations are explicit.

Canonical page: https://21ifm.com/quant/options/greeks/theta

## Explore

- [Greeks foundations and options strategies](https://21ifm.com/quant/options#greeks)
- [Partial derivatives and gradients](https://21ifm.com/basics/partial-derivatives-gradient)