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The rate at which the price of an option varies in relation to a change in interest rates. Increases in interest rates cause call Options to rise in price and put Options to decrease (and vice versa if rates go down). Rho tends to be considered less important than other Greeks like Delta, Theta, Gamma and Vega.
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Contributed by: Ralph Windsor

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The Greeks: What They Are and How to Use Them
https://www.thinkorswim.com/tos/displayPage.tos?webpage=lessonGreeks

ThinkOrSwim guide to the Greeks.

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