Gamma Γ
Rate of change of Delta for a ₹1 move in the underlying.
Quick Answer
Gamma measures how fast Delta changes when the underlying moves — it is the acceleration behind an option's directional exposure, and it peaks for at-the-money options close to expiry.
Gamma is one of the option Greeks — rate of change of Delta for a ₹1 move in the underlying. OptionsGyan teaches the options fundamentals; the complete reference for Gamma — the plain-English meaning, formula, original diagram, a worked Nifty example, common mistakes and FAQ — lives on GreeksGyan, our dedicated option-Greeks site.
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Gamma (Γ) — the full guide
Meaning, formula, diagram, Nifty worked example, misconceptions and FAQ.
All the option Greeks
Delta, Gamma, Theta, Vega, Rho and the second-order Greeks, in one reference.
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Published 1 July 2026. Educational content only — not investment advice.