What is Vega?
Vega is actually representing the value in relation to the underlying as volatility increases so does the value of options. This occurs for a number of reasons.
Traders back off as sellers due to increased risk. They want to be paid for the increased risk of selling that premium if you will. Buyers are also willing to pay a higher premium as the chances of the option ending up ITM increase.
It is a constant ebb and flow and sets the pace for the rest of the ?Greeks? to follow suit.
To read more about Vega, check these out:
Options: Meet Vega, Volatility’s Kissing Cousin
Volatility Views 82: Scalp Gamma, Trade Vega