Greeks

Dual Gamma

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

Second derivative of price vs. strike

What is Dual Gamma?

Dual Gamma The second derivative of option price with respect to the strike price, or the rate of change of dual delta. Dual gamma provides information about the convexity of the option price as a function of the strike, useful for understanding the shape of the volatility smile.

Complete Definition

The second derivative of option price with respect to the strike price, or the rate of change of dual delta. Dual gamma provides information about the convexity of the option price as a function of the strike, useful for understanding the shape of the volatility smile.

Related Terms

Dual Delta Gamma Volatility Smile

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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