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What Is the Relationship between Gamma and Delta in an Options Portfolio?

Gamma measures the rate of change of Delta relative to changes in the underlying asset's price. It is the second derivative of the option price.

A high Gamma means the portfolio's Delta will change rapidly, requiring more frequent adjustments for a Delta-neutral strategy. Gamma risk is the risk that Delta changes quickly, disrupting the hedge.

Which Greek Letter Measures the Sensitivity of the Option Price to IV?
Which of the Greeks Measures the Sensitivity of Option Price to Volatility?
What Are the Other “Greeks” in Options Trading (Delta, Gamma, Vega)?
What Is the Greek Letter That Measures the Sensitivity to Implied Volatility?