Earlier quoted context omitted.
A variable named ω is no better than a list named l. Both are bad. Be explicit. Terse, but explicit.
Part of the problem here is that a variable in mathematics is a different concept from a variable in programming. Mathematicians are used to using one letter variables. Using a set of unwritten naming rules, mathematicians almost always know what concepts the variables are referring to (in a mathematical context). So, I'd say if the code is only to be maintained by mathematicians, one letter variables for mathematica…
A typical program contains thousands and thousands of "named things", so you're naturally going to see a proliferation of names. That just doesn't seem to be that necessary in math once you're working in a particular context (e.g. statistics).