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← Back to Research | Second-Order Greeks Aug 01, 2026 1 min read

Vanna vs. Charm Exposure: The Hidden Greeks Behind Volatility Crushes

Discover how implied volatility crush triggers rapid dealer delta buying regardless of macroeconomic news outcomes.

Second-order Greeks—Vanna (delta sensitivity to implied volatility) and Charm (delta sensitivity to time decay)—drive massive market rallies during FOMC and CPI announcements even when underlying news is mixed.

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