Calculating Greeks in Covered Calls?

Question

Just want to confirm whether Delta, Gamma, Theta, Vega will be calculated in the following way? Since we own 100 shares of stock while selling a call we need to subtract greek value from one? right?

Covered Call Delta = 1 - "Long Call delta"

Covered Call Gamma = 1 - "Long Call gamma"

Covered Call Theta = 1 - "Long Call theta"

Covered Call Vega = 1 - "Long Call vega"

Answer 1

You are right for delta but wrong for other greeks.

Delta of stock is 1 so Covered call Delta = 1 - "long call delta" is correct

However a stock doesn't have gamma , theta or vega. So these greeks of your covered call positions will be just that of short call. i.e

Covered Call Gamma =  - "Long Call gamma"

Covered Call Theta =  - "Long Call theta"

Covered Call Vega =  - "Long Call vega"

Answer 2

Check out this post: http://www.macroption.com/option-greeks-excel/

Let me know if it answers your query.

The Excel equations used to calculate Delta, Gamma, Theta and Vega are shown in the above link.