The following is a list of vega neutral option strategies:
- Bear Call Spread (also Short Call Spread, Credit Call Spread)
- Bear Put Spread (also Long Put Spread, Debit Put Spread)
- Bull Call Spread (also Long Call Spread, Debit Call Spread)
- Bull Put Spread (also Short Put Spread, Credit Put Spread)
- Collar
- Long Box Spread (also Box Spread)
- Long Combo
- Short Box Spread
- Short Combo
- Synthetic Long Stock (also Synthetic Stock, Synthetic Long)
- Synthetic Short Stock (also Synthetic Short)
See also option strategies with positive vega and option strategies with negative vega.
Vega is one of option Greeks, which measures how much an option's value increases as implied volatility rises. Positive vega means a positive exposure to volatility, while negative vega means that the position loses as volatility increases.
Vega neutrality means that total vega of the option strategy is near zero. The effects of volatility changes on individual options cancel each other, and the position's total value will not change much. The position's value (and vega itself) can still change with other factors, such as underlying price or time.