Greeks

Zomma (Third-Order Greek)

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

Rate of gamma change vs. volatility

What is Zomma (Third-Order Greek)?

Zomma (Third-Order Greek) The rate of change of gamma with respect to changes in implied volatility. Also known as DgammaDvol. Zomma is important for understanding how your gamma exposure shifts as volatility changes, particularly relevant during earnings or macro events when both price and IV move simultaneously.

Complete Definition

The rate of change of gamma with respect to changes in implied volatility. Also known as DgammaDvol. Zomma is important for understanding how your gamma exposure shifts as volatility changes, particularly relevant during earnings or macro events when both price and IV move simultaneously.

Related Terms

Gamma Vega Speed Vomma

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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