How Does Gamma Affect the Relationship between Delta and Realized Volatility?

Gamma measures the rate of change of Delta. High Gamma means Delta changes rapidly for small movements in the underlying price.

When realized volatility is high, the underlying asset moves significantly, causing a high-Gamma option's Delta to change quickly. This makes the option's price more sensitive to movement, allowing it to rapidly gain intrinsic value, thus compounding the effect of realized volatility on the option's value.