Sometimes I see Volga, sometimes I see Vomma, does anyone know if there is a difference between the two?Since too many of these things are starting to be named by non-Greek letters, one true Greej we don't see often is Omega: The degree of borrowing or leverage implied in the option.

Could you please clarify whether Greeks are asset specific? Now, suppose that I model the underlying process with Monte Carlo GBM process. Then a delta for a European call option expiring in a year at the money is 0.5 for the GBM process. If my underlying process uses strong Mean Reversion process centered about current price, I can calculate delta in two ways:Model the option price with MR process. Because of future asset value being almost independent of today’s value, I will calculate delta of almost 0Should the future price and end up with delta of 0.5.Would appreciate clarification.Farhad