Gamma: delta khud kitna hilega.
Doosre naam: gamma, option gamma, rate of change of delta.
Ise kaise padhein
Agar delta sthir hota, to option ka daam spot ke saath ek seedhi line mein chalta. Aisa hota nahi. Spot hilte hi delta khud badal jaata hai, aur gamma us badlav ko naapta hai.
Isliye ek chhoti si chaal bhi option ke behaviour ko badal deti hai — jo anumaan thodi der pehle theek tha, woh ab utna theek nahi rehta.
Jo strike level se door hai woh sust reaction deta hai. Jaise-jaise level uski taraf aata hai, woh zyada aur zyada react karne lagta hai. Isliye ek jaisa total move alag-alag jagah se shuru hone par bilkul alag keemat rakhta hai.
Expiry ke paas at the money option ka gamma zyada hota hai. Yahi woh arithmetic hai jiske peechhe aakhri sessions mein underlying ke maamuli hilne par premium ka tez jhoolna dikhta hai. Woh jhoolna koi anokhi baat nahi — woh isi paimane ka seedha natija hai.
Gamma ek second-order paimana hai: woh kisi cheez ke badlav ka nahi, badlav ke badlav ka naap hai. Delta ki tarah yeh bhi kisi model ka output hai — exchange ise quote nahi karta.
Aur uski ek laagat hai. Jin arrangements mein sabse zyada gamma hota hai, aam taur par wahi roz sabse zyada time value kho rahe hote hain. Isi wajah se gamma aur theta ko alag-alag nahi, saath padha jaata hai.
Yeh kya nahi batata
Gamma yeh nahi kehta ki spot kis taraf jayega. Woh dono taraf ek jaisa lagu hota hai.
Aur baaki greeks ki tarah, yeh bhi ek model se nikla number hai. Model ki apni shartein hoti hain, aur asli bazaar unhe hamesha nahi maanta.
Gamma disha ke maamle mein symmetric hai. Zyada gamma sirf itna kehta hai ki badlav dono taraf tez hoga — woh kisi faayde ka varnan nahi hai. Ise mazbooti ka sanket samajh lena is number ki sabse aam galat padhai hai.
Experiment mein dekho
Jude hue concepts
Greeks: 4 sawaal, 4 alag jawab.
Delta, gamma, theta aur vega — 4 numbers jo batate hain ki premium kis cheez par kitna hilta hai.
Lesson kholo