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What Is the Relationship between Gamma and the Time to Expiration?

Gamma is highest for options that are close to expiration, especially those near-the-money. As an option approaches expiration, its price becomes highly sensitive to small changes in the underlying price, causing its delta to move rapidly towards 0 or 1.

Conversely, long-dated options have lower gamma because there is more time for price movements to average out.

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