Historical Rho (Options)
Returns the rho Greek for an option contract on a specific historical date. Rho measures the option price sensitivity to a 1% change in interest rates.
Parameters
| Parameter | Required | Description |
|---|---|---|
| Symbol | Yes | Option symbol (OCC format) |
| OnDate | Yes | Historical date (DATE function or string) |
Input Requirements
Use OptionSymbol() to generate the option symbol:
| Parameter | Source | Example |
|---|---|---|
| Symbol | OptionSymbol() output |
OptionSymbol("AAPL",DATE(2026,3,15),"Call",170) |
Understanding Rho
| Option Type | Rho Sign | Reason |
|---|---|---|
| Calls | Positive | Higher rates increase call values |
| Puts | Negative | Higher rates decrease put values |
| Characteristic | Description |
|---|---|
| Smaller impact | Rho is typically the smallest Greek |
| Increases with time | Longer-dated options have higher rho |
| Per 1% rate change | Shows $ change per 1% interest rate move |
Notes
- Rho is often the least significant Greek for short-term options
- Long-dated LEAPS options have more meaningful rho exposure
- Call rho is positive; put rho is negative
Syntax
=opt_RhoHistorical(Symbol, OnDate)Examples
Using OptionSymbol() - RECOMMENDED
=opt_RhoHistorical(OptionSymbol("AAPL",DATE(2026,3,15),"Call",170),DATE(2025,12,15))Using raw OCC symbol
=opt_RhoHistorical("AAPL240315C00170000", DATE(2025,12,15))Put option rho (will be negative)
=opt_RhoHistorical(OptionSymbol("AAPL",DATE(2026,3,15),"Put",170),DATE(2025,12,15))Using cell references
=opt_RhoHistorical(A1, B1)LEAPS options have higher rho
=opt_RhoHistorical("AAPL260116C00200000", DATE(2025,12,15))When to Use
- Analyze interest rate exposure for LEAPS
- Backtest strategies during rate-change periods
- Study historical rate sensitivity
- Calculate complete position Greeks
- Analyze long-dated option pricing
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Need current rho | opt_Rho() |
| Need historical delta | opt_DeltaHistorical() |
| Need historical theta | opt_ThetaHistorical() |
| Need all Greeks at once | opt_HistoricalOptionChain() |
Common Issues & FAQ
Why is rho so small compared to other Greeks?
Interest rate changes typically have a smaller impact on option values compared to price moves, volatility, or time decay. Rho matters more for long-dated options.
Why is put rho negative?
Higher interest rates reduce put values because the present value of the strike price (received at exercise) decreases.
When does rho matter most?
For LEAPS (options expiring 1+ year out) and during periods of significant interest rate changes.
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