For a short call or long put option, what is the Greek that best defines its risk? Would it be Delta or Vega? - Quora
Raghunath on Twitter: "As a result, the long-dated ITM and OTM options will have deltas drifting closer to 50 reflecting the uncertainty while closer to expiry ITM and OTM options will have
![Optimal Hedging of Options - asymmetry between long and short vol positions - Quantitative Finance Stack Exchange Optimal Hedging of Options - asymmetry between long and short vol positions - Quantitative Finance Stack Exchange](https://i.stack.imgur.com/IC0nr.png)