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Why Is Gamma Risk More Significant for Short-Term Options?

Gamma measures the rate of change of Delta. Short-term options have a Gamma that is significantly higher than long-term options, especially near the strike price.

This means their Delta changes much more rapidly with small movements in the underlying price. High Gamma necessitates more frequent and costly rebalancing to maintain a Delta-neutral position, thus increasing the risk.

What Is the Relationship between Gamma and the Time to Expiration?
How Does ‘Gamma’ Risk Complicate the Process of Maintaining a Delta-Neutral Hedge?
What Is the Significance of Gamma in Understanding the Change in an Option’s Delta?
Why Is High Gamma Undesirable for a Portfolio Manager Who Wants a Stable Hedge?