Option Strategies with Positive Vega

This is a list of option strategies which have positive vega (they profit as implied volatility rises):

See also option strategies with negative vega and vega neutral option strategies.

Positive Vega vs. Theta and Gamma

You may notice that most of the strategies on this list also have negative theta (they lose with passing time) and positive gamma (their profits accelerate and losses slow down when underlying price moves). These Greek exposures generally go hand-in-hand for strategies where all options have the same expiration date.

However, strategies which involve multiple expirations, such as long calendar and diagonal spreads, can have positive vega and positive theta (and negative gamma) at the same time. This is because options with longer time to expiration tend to be more sensitive to implied volatility changes, but at the same time their time value decays slower compared to options nearer to expiration (it always depends on the particular strikes and moneyness, though).

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