Hi Everyone, There is an options question that I've had for a very long time that I've never quite been able to find a good answer to. I was hoping you might be able to help. I hardly ever buy options, but sometimes I make a little money with them by buying puts or calls when I am convinced of an imminent move in a normally low volatility stock. I fully understand the mechanics of how options work. I read a basic book on them many years ago, and it was utterly comprehensible. I understand that options pricing is the sum of intrinsic value, recent volatility, time until expiration and supply and demand. What I don't understand is why, everything else being held relatively constant, that the price of an option does not seem to track the price of the stock when the option is in the money and near the strike price. It moves much more slowly than the stock under those circumstances. I've observed this time and time again. For example, I currently own an option with a strike price of 22.5 and an expiration of June. Over the last 3 weeks, the stock price has ranged between 22 and 23, currently at the high end. Volatility has increased slightly over that time. Yet the actual sales prices of the option has ranged only between about .60 and .85, roughly proportional to the stock price. I should mention that this is a thinly traded stock with even more thinly traded options. I have see the same thing happen with more liquid issues as well. Can anyone clue me in on why this happens? I'm sure it must have something to do with "greeks".