New to options and primarily interested in their value for leverage. Wondering if any one uses k*theta as well as delta when calculating the leverage factor. With k being some time normalizing constant. Say I want to buy IWM Call strike 220 with delta = .246, theta = -.084, spot = 212 If spot moves to 213 we should expect the value of the contract to increase by .246 * 100 = 24.6 using delta only. But we also know that if we hold the option for the whole trading day, the price of the contract