Omega is one of the dynamic coefficients for options and represents the leveraging effect of a warrant. Omega can be calculated by multiplying the leverage factor by delta. Hence a warrant with a leverage factor of 10 and a delta of 0.6 has an omega of 6. The price of the warrant would therefore move by roughly 6% if the underlying instrument rose or fell by 1%. As is the case with all such coefficients, omega is merely a theoretical calculation because it can change immediately with every tick of the underlying instrument. Moreover, it has to be borne in mind that for options/warrants with a very small delta (i.e. they are way out of the money) the meaningfulness of the various coefficients lessens significantly because in such instances the value of the warrant is influenced almost exclusively by changes in the implied volatility of the underlying instrument.