Unlike delta, the gamma value of both call options and put options is positive:

As futures prices rise, the delta value of call options moves from to 1, and that of put options moves from -1 to , that is, the delta value of options moves from small to large, and the gamma value is positive.

when futures prices fall, the long Delta value of call options moves from 1 to , and the long delta value of put options moves from to -1, that is, the delta value of options moves from large to small, and the Gamma value is negative.

for the option part, whether it is a call option or a put option, the Gamma value of the part is positive as long as it is a call option, and negative if it is a put option.

the Gamma value of the flat option is the largest, while the Gamma value of the deep real value or deep imaginary value option approaches . As the expiration date approaches, the Gamma value of the flat option will increase sharply.

option traders must pay attention to the influence of the change of option Gamma value on the position risk. When the price of the underlying asset changes by one unit, the new delta value is equal to the original delta value plus or minus the Gamma value. Therefore, the greater the Gamma value, the faster the Delta value changes. Delta neutral hedging, the greater the absolute value of Gamma, the higher the risk level, because the frequency of neutral hedging needs to be adjusted; On the contrary, the smaller the absolute value of Gamma, the lower the risk.