Greeks

Gamma Risk

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

Risk from rapid delta changes

What is Gamma Risk?

Gamma Risk The risk that delta changes rapidly, particularly for ATM options near expiration. Sellers are short gamma and face increasing risk as expiration approaches.

Complete Definition

The risk that delta changes rapidly, particularly for ATM options near expiration. Sellers are short gamma and face increasing risk as expiration approaches.

Related Terms

Gamma Pin Risk Expiration

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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