Vega > define

noun

• Prolific Spanish playwright (1562-1635.
  • synonyms: Lope de Vega, Lope Felix de Vega Carpio
• The brightest star in the constellation Lyra. .

• (n.) An open tract of ground; a plain, especially one which is moist and fertile, as those used for tobacco fields.
• (n.) A brilliant star of the first magnitude, the brightest of those constituting the constellation Lyra.

• Arabic: Falling
• Arabic, Latin: Falling star
• Astronomy: The name of a star in the constellation Lyra

Vega is the measure of change in an option given a change in the volatility. Theoretically, it measures the instantaneous change in premium to the instantaneous change in volatility. In practice, it tends to be viewed as the change in premium given a 1 percent in volatility.