<p>The aim of this paper is to present a discussion on some known approximations for the price of Basket options and at the same time introduce new approximations for the Greeks based in those approximations. The analysis centers on the Greeks Delta, Vega, and Cega, with a special focus on Cega, which reflects the sensitivity to the correlation coefficient, a parameter specific to options on multiple underlying assets. Python programming was used to study the effects of correlation and other parameters that influence the price of an option. Since basket options lack an explicit pricing formula, Monte Carlo simulation and other methods were employed to calculate their price and derivatives. To analyze the results for the price and Greeks of this kind of options, Python codes where developed and implemented and a discussion based in two different scenarios is presented. It was observed that the discussed alternative methods for approximating the price and Greeks of basket options give good results when compared with Monte Carlo in some scenarios, being in that situation more efficient, due to the latter’s longer computational time.</p>