Explain the Inverse Relationship between Theta and Gamma

Theta and Gamma generally have an inverse relationship. When an option has high Gamma (meaning its Delta changes rapidly, typically near ATM and short-dated), it also tends to have high Theta (rapid time decay).

Conversely, deep ITM or far OTM options have low Gamma and low Theta. This inverse relationship is a key concept in option theory, often summarized as "you cannot have both high Gamma and low Theta."