Vega indicates sensitivity to changes in If vega is positive, we want IV to expand. If vega is negative, we want IV to contract. As you may remember from Pricing Options: Implied Volatility, IV affects an options levels.
Shares Don't Carry Vega
Share prices are not directly affected by changes in implied volatility.
Long Options Carry Positive Vega
They benefit when IV expands
They lose value when IV contracts
Short Options Carry Negative Vega
They are negatively impacted by rising IV
Short options benefit when IV contracts
Moneyness
options are the most sensitive to IV changes
Deep and far options are less sensitive
Days to Expiration
Options with farther expiration dates have greater vega levels – they are more sensitive to IV changes
Options closer to expiration have lower vega levels – they are less sensitive to IV.