Gamma

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Definition of 'Gamma'

Gamma is the first derivative of Delta (mathematically). It is used when trying to measure the price of an Option relative to the amount that it is in-the-money or out-the-money. In practical terms, Gamma measures the rate of change for Delta against the underlying asset's price.

In common usage you will notice that Gamma has a lower value when the option is deep in-the-money or out-the-money it is greatest when the option is at-the-money (or near-the-money).

All the Greeks: Delta, Gamma, Vega, Theta, Vomma

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