tastylive巴特勒敦促期权卖方按50%止盈规避负伽马不对称风险

浑水摸鱼清源

卖出看跌期权在标的上涨时Delta会因负伽马而衰减并锁死后续收益空间，交易员应在获利50%至70%时挂单平仓以防范不对称的反转风险。

AI-assisted summary of 【tastylive】期权交易里的“伽马”是什么？普通人怎么用它赚钱？ — original source. Check the original for full context.

Source published: 2026-11-02

Key ideas

伽马（Gamma）是Delta对标的资产价格变动的敏感度指标；外在价值越低，伽马值通常越高，标的微小变动即可促成期权价格成倍暴增。 (0:00)
零日到期（0DTE）期权外在价值极低，SPY上涨5美元可让平值0DTE期权涨幅达500%-600%，而30天远期期权涨幅仅为40%-50%。 (1:03)
卖出看跌期权属于负伽马策略，股价上涨会导致Delta萎缩从而降低后续收益潜力，建议通过GTC限价单在盈利50%-70%时止盈离场。 (5:00)
通过“卖出远期看跌期权差价并买入近期看涨期权差价”的混合结构，交易者不仅能收取权利金，还能享受近月正伽马带来的利润加速效应。 (7:07)

Detailed notes

## Background 该内容由UP主“浑水摸鱼清源”于2026年11月2日发布在哔哩哔哩平台，转译自金融交易节目tastylive。视频简介围绕期权希腊字母“伽马”（Gamma）展开，阐释其作为价格变化速度指标的本质、与外在价值及到期时间的关系，并重点介绍了负伽马策略的止盈规则与正伽马策略的获利思路。

## TL;DR 节目中，主持人迈克·巴特勒（Mike Butler）跳出枯燥的理论公式，从平台实操角度剖析伽马如何决定头寸管理。他指出外在价值越低（如零日到期期权或低波动率标的），伽马值越高，标的微小变动就能引发期权价格成倍暴涨；反之高外在价值环境下的伽马则较为迟钝。针对卖出看跌期权等负伽马策略，由于获利时Delta会衰减导致后续收益递减而下行风险犹存，巴特勒强烈建议设置GTC限价单在盈利50%至70%时止盈离场；而面对正伽马机会，他推荐采用跨期混合价差（如卖出远月看跌价差同时买入近月看涨价差）来抵消权利金成本，实现收益的加速放大。

## Atmosphere & style 整体氛围务实、专业且充满交易员式的敏锐感，巴特勒以条理分明的实盘操作视角化解了期权数学的晦涩。叙事节奏明快干练，通过0DTE期权惊人涨幅与远期合约的生动对比，在传递暴利机制的同时时刻绷紧风险管理之弦，让观众在严谨的逻辑推导中建立起对负伽马风险回吐的敬畏之心。

## Bulletin - [00:00](https://www.bilibili.com/video/BV1NF4c6jEHW?t=0s) 伽马（Gamma）是Delta对标的资产价格变动的敏感度指标；外在价值越低，伽马值通常越高，标的微小变动即可促成期权价格成倍暴增。 - [01:03](https://www.bilibili.com/video/BV1NF4c6jEHW?t=63s) 零日到期（0DTE）期权外在价值极低，SPY上涨5美元可让平值0DTE期权涨幅达500%-600%，而30天远期期权涨幅仅为40%-50%。 - [05:00](https://www.bilibili.com/video/BV1NF4c6jEHW?t=300s) 卖出看跌期权属于负伽马策略，股价上涨会导致Delta萎缩从而降低后续收益潜力，建议通过GTC限价单在盈利50%-70%时止盈离场。 - [07:07](https://www.bilibili.com/video/BV1NF4c6jEHW?t=427s) 通过“卖出远期看跌期权差价并买入近期看涨期权差价”的混合结构，交易者不仅能收取权利金，还能享受近月正伽马带来的利润加速效应。

## Key takeaways - [00:00](https://www.bilibili.com/video/BV1NF4c6jEHW?t=0s) 伽马衡量标的资产价格每变动1美元时期权Delta的变化速率，是评估Delta敏感度的核心工具。 - [01:03](https://www.bilibili.com/video/BV1NF4c6jEHW?t=63s) 交易平台上的高伽马读数高度集中在平值（ATM）行权价附近，并随到期时间和外在价值的增减发生剧烈变化。 - [01:03](https://www.bilibili.com/video/BV1NF4c6jEHW?t=63s) 30天期SPY期权因外在价值高、缓冲垫厚，伽马值仅约0.01至0.02，股价大涨时Delta上升较为缓慢。 - [02:04](https://www.bilibili.com/video/BV1NF4c6jEHW?t=124s) 0DTE期权的外在价值约低十倍，平值期权在标的短时间波动下Delta能从40-50迅速跃升至70-80。 - [03:04](https://www.bilibili.com/video/BV1NF4c6jEHW?t=184s) 低波动率标的（如TLT）外在价值低且伽马值偏高，标的变动3-5美元即可使平值期权价值由0.90美元飙升至数百美元。 - [04:05](https://www.bilibili.com/video/BV1NF4c6jEHW?t=245s) 重大事件（如财报前）会注入大量外在价值从而压低期权伽马值，待事件落地、波动率骤降后，次日极短期的伽马值会急剧上升。 - [05:00](https://www.bilibili.com/video/BV1NF4c6jEHW?t=300s) 卖出看跌期权（Short Put）具有负伽马特征，标的上涨虽带来账面利润，但也使得持仓Delta不断降低并压低未来的边际收益。 - [06:06](https://www.bilibili.com/video/BV1NF4c6jEHW?t=366s) 在看跌期权跌至仅剩几美分时继续持有存在极度不对称的风险，一旦市场突发逆转将吞噬此前累积的所有收益。 - [06:06](https://www.bilibili.com/video/BV1NF4c6jEHW?t=366s) 对于负伽马的卖方策略，推荐设置有效至撤销（GTC）限价单，在达到50%至70%利润时自动锁定收益离场。 - [07:07](https://www.bilibili.com/video/BV1NF4c6jEHW?t=427s) 买入看涨期权是正伽马策略，股价持续上涨会推动Delta不断扩大，使后续每1美元涨幅带来的利润呈加速增长态势。 - [07:07](https://www.bilibili.com/video/BV1NF4c6jEHW?t=427s) 单腿买入看涨期权需要承担初始权利金支出并承受胜率劣势，因而常与卖出期权组合以构建低成本的正伽马头寸。 - [08:08](https://www.bilibili.com/video/BV1NF4c6jEHW?t=488s) “卖出看跌期权买入看涨期权”或差价组合（如Super Bull）能以净权利金入场，同时保留上行方向上的正伽马加速优势。 - [08:08](https://www.bilibili.com/video/BV1NF4c6jEHW?t=488s) 利用不同到期日错配构建混合结构（如卖出12月看跌差价同时买入11月看涨差价），可在享受近月加速利润的同时利用远月权利金提高容错率。 - [09:09](https://www.bilibili.com/video/BV1NF4c6jEHW?t=549s) 在正伽马混合结构盈利时，当卖出的看跌腿几乎归零，交易者应主动买回该腿以消除尾部风险，或在看涨腿进入平价状态时平仓锁定收益。

## Detailed walkthrough ### [00:00](https://www.bilibili.com/video/BV1NF4c6jEHW?t=0s) Defining Gamma, Extrinsic Value, and Option Expirations

Mike Butler kicks off another episode of *Options in Action*, bridging classic whiteboard options theory into platform application. While traders frequently obsess over the Greeks, Mike admits he rarely tracks the raw numeric reading of gamma minute-by-minute. Instead, he views gamma through a strategic lens: understanding whether a position holds positive or negative gamma and using that structural profile to choose the right platform tools to lock in profits or mitigate risk. By standard definition, gamma measures the rate of change of an option's delta for every one-point move in the underlying asset's price, serving as a sensitivity gauge for delta itself.

```mermaid flowchart TD accTitle: Relationship Between Extrinsic Value and Gamma accDescr: High extrinsic value leads to low gamma, while low extrinsic value creates high gamma and explosive percentage moves. subgraph FarDated["High Extrinsic Value (e.g., 30 DTE / Pre-Earnings)"] A1["Thick Extrinsic Buffer"] --> B1["Delta Changes Slowly"] B1 --> C1["Low Gamma Reading (0.01 - 0.02)"] end subgraph NearDated["Low Extrinsic Value (e.g., 0DTE / TLT / Post-Earnings)"] A2["Minimal Extrinsic Value"] --> B2["Delta Surges Rapidly (50 to 80 Delta)"] B2 --> C2["High Gamma Reading"] C2 --> D2["Explosive Multiplier on Contract Price"] end ```

On trading platforms like tastytrade, gamma readings concentrate heavily around at-the-money (ATM) strikes and vary radically depending on time to expiration and extrinsic value. Pulling up a 30-day November cycle on the SPY, Mike notes gamma readings lingering around just 0.01 to 0.02. Because these contracts carry significant extrinsic value and substantial time to expiration, even an ATM 50-delta option that pushes in the money during a sizable rally might only tick up to a 55, 56, or 57 delta. In contrast, a zero-day-to-expiration (0DTE) option contains roughly ten times less extrinsic value. When a 0DTE ATM option moves in the money over a 30-minute window, its delta rapidly accelerates from 40 or 50 straight up to 70 or 80. Mike highlights the dramatic contrast in returns:

> “Gamma is the rate of change of Delta given a one point move in the underlying price.”

> “We're talking about a 40% or 50% increase in the November 20th cycle versus a 600% or 500% increase in the zero day cycle.”

- An ATM 0DTE call on SPY can explode from $1.60 to $7.00 on a $5 upward move because intrinsic value accrues dollar-for-dollar on top of negligible extrinsic premium. - A 23- to 30-day SPY call trading for $1,100 might gain $300 to $400 on the same move—a solid nominal gain, but only a 40% to 50% percentage return. - In low-implied-volatility underlyings like the iShares 20+ Year Treasury Bond ETF (TLT), an ATM option trading for just $0.90 can display a gamma reading around 0.16; a 3- to 5-point underlying move easily turns that option into a $300 to $500 intrinsic contract. - In high-event environments, such as Microsoft (MSFT) heading into earnings, a 2-day-to-expiration cycle displays an unusually low gamma because the binary event injects massive extrinsic value; once earnings pass and implied volatility crushes extrinsic value overnight, the gamma of the remaining 1-day cycle spikes substantially.

---

[05:00](https://www.bilibili.com/video/BV1NF4c6jEHW?t=300s) Negative Gamma Mechanics: Managing Short Puts

When pivoting to trading strategy, Mike evaluates gamma by observing whether delta expands or shrinks as the trade moves in his favor. Premium sellers who sell naked puts operate in an inherently negative gamma position. Looking at a short put in SPY, Mike explains that if the market stages a massive rally, the short contract continuously sheds delta. While that decay drives the option toward zero and delivers immediate paper profits, it simultaneously lowers the position's responsiveness to any further upside in the underlying stock.

Mike illustrates the operational danger of staying in a short put once most of the premium has evaporated. If a trader collects $700 selling an SPY put and the market rallies so hard that the put drops to 10 cents, holding the position leaves all downside risk on the table while offering virtually zero incremental upside. Because gamma has drained the delta down near zero, the position cannot make meaningful additional money going forward, yet a sudden market reversal could quickly destroy the accumulated gains. To counteract this dynamic, Mike stresses the necessity of automating exits through platform tools rather than holding to the bitter end:

> “When I look at a short put strategy, I would like to think that that is kind of a negative gamma position where the more I benefit from an upside move in spy, the lower my delta gets and the less money I can make going forward.”

> “So with that said, because I know that a short put has a defined max profit – I'm going to use a GTC order to close this option or a limit order to close this option at 50% profit, maybe 60, maybe 70% profit.”

- In a short put, upward moves reduce delta, causing diminishing profit returns for every subsequent point the stock climbs. - Leaving a short put open when it reaches pennies (e.g., $0.10 left on a $7.00 credit) represents pure asymmetric risk: 100% of the downside exposure remains active for negligible remaining reward. - Placing a Good 'Til Canceled (GTC) limit order targeting a 50%, 60%, or 70% profit removes the position automatically before gamma exhaustion and reversal risk take over.

---

[07:07](https://www.bilibili.com/video/BV1NF4c6jEHW?t=427s) Positive Gamma Trades and Advanced Hybrid Structures

To flip gamma into an asset that works directly for the trader, Mike explores long calls and hybrid strategies like the "Super Bull" or "Super Bear." When holding a long call, an upward move generates positive gamma: delta actively expands as the market rallies, meaning every subsequent one-point move higher in the stock produces an increasingly larger profit than the point before it. However, because buying outright calls requires paying debit and carries lower baseline probabilities of success, Mike prefers blending short premium structures with long positive gamma wings.

```mermaid flowchart LR accTitle: Positive vs Negative Gamma Strategic Tradeoffs accDescr: Visualizes the differences between negative gamma short put trades and positive gamma hybrid trades. subgraph ShortPut["Negative Gamma: Short Put"] direction TB SP1["Underlying Rallies"] --> SP2["Delta Shrinks"] SP2 --> SP3["Diminishing Marginal Gains"] SP3 --> SP4["Action: Take Profit at 50%-70% via GTC"] end subgraph Hybrid["Positive Gamma: Short Put Spread + Long Call Spread"] direction TB HY1["Underlying Rallies"] --> HY2["Near-Term Call Delta Expands"] HY2 --> HY3["Accelerating Marginal Gains"] HY3 --> HY4["Action: Let Profit Run / Manage Legs"] end ```

By selling a put to buy a call, or selling a put spread to buy a call spread for a net credit, traders can eliminate the upfront debit drag while retaining explosive upside acceleration. Mike shares a live setup he implemented on Microsoft for earnings: selling a put spread in December while simultaneously buying a call spread in November. This structure captured positive gamma in the shorter-dated November cycle—allowing the long calls to gain delta and multiply in value quickly upon a rally—while the longer-dated December short put spread supplied ample credit and gave the trade extra time to recover if the stock dipped.

He notes that while positive gamma positions provide the luxury of letting winners run further, prudent active management is still required. If the market rallies and the short put side becomes essentially worthless, traders should consider buying back the put leg to eliminate tail risk, spreading off the call, or closing the long call once it moves safely into the money. Mike concludes by reminding viewers that mastering these strategic gamma relationships is what transforms complex Greek theory into an actionable trading edge on the platform.

> “And every single one point move higher in spy going forward creates more and more profitability because that delta is increasing.”

> “I want this positive gamma. I want this spread to gain Delta quickly in November relative to December, but I want to sell that put spread in December to get more premium, have more time on my side in case things go wrong.”

- Selling a put spread to buy a call spread allows positive gamma participation without paying standard outright debit costs. - Mismatched expiration structures (such as long November call spreads paired against short December put spreads) capture rapid delta acceleration on the front month while utilizing the back month for higher premium collection and defensive duration. - Management options for winning hybrid setups include buying back the decayed short put leg to de-risk the position or closing the long call once it reaches the money.

## Notable quotes > [00:00](https://www.bilibili.com/video/BV1NF4c6jEHW?t=0s) Gamma is the rate of change of Delta given a one point move in the underlying price. — Mike Butler

> [05:00](https://www.bilibili.com/video/BV1NF4c6jEHW?t=300s) When I look at a short put strategy, I would like to think that that is kind of a negative gamma position where the more I benefit from an upside move in spy, the lower my delta gets and the less money I can make going forward. — Mike Butler

## Mentioned tastytrade, Options in Action, Mike Butler, SPY, iShares 20+ Year Treasury Bond ETF (TLT), Microsoft (MSFT)

## Video description 【tastylive】期权交易里的“伽马”是什么？普通人怎么用它赚钱？ The Truth About Gamma Every Options Trader Needs

｜什么是“伽马”？ “伽马”是期权价格变化速度的衡量指标。简单来说，它告诉你当股票价格变动一美元时，你的期权价格会以多快的速度变化。如果伽马值高，意味着期权价格对股票价格的变动更敏感，涨跌会更剧烈。伽马值通常在期权临近到期时最高，因为这时期权的外在价值（时间价值）很低，一点点股价变动就能让期权价值翻倍。例如，SPY（标普500 ETF）的零日到期期权，如果股价上涨5美元，期权价格可能从1.6美元涨到700美元，涨幅高达500%-600%，而远期期权可能只有40%-50%的涨幅。

｜外在价值与伽马期权的外在价值（时间价值）是影响伽马的关键因素。外在价值越低，伽马值越高，期权价格在股价变动时翻倍的能力就越强。例如，TLT（美国长期国债ETF）的期权通常外在价值较低，因此伽马值会比SPY高很多。一个90美分的TLT期权，如果股价上涨3-5美元，期权价格可能涨到300-500美元。相反，如果期权有很多外在价值，比如微软（MSFT）在财报发布前的期权，即使离到期只有两天，伽马值也会很低，因为财报事件增加了大量外在价值。但财报公布后，外在价值骤降，伽马值就会显著升高。

｜负伽马策略：及时止盈卖出看跌期权（Short Put）是一种负伽马策略。当你卖出看跌期权，如果股票价格上涨，你的期权会盈利，但同时伽马值会降低你的Delta（期权价格对股价变动的敏感度），这意味着你未来能赚的钱会越来越少。例如，你卖出的SPY看跌期权，如果SPY大涨，期权价格从700美元跌到10美分，此时继续持有风险很高，因为一旦市场反转，利润可能迅速回吐。所以，对于负伽马策略，建议设置一个止盈单（例如盈利50%-70%就平仓），及时锁定利润，避免不必要的风险。

｜正伽马策略：让利润奔跑买入看涨期权（Long Call）或卖出看跌期权同时买入看涨期权（Sell Put to Buy Call）是正伽马策略。在这种情况下，如果股票价格上涨，你的看涨期权不仅会盈利，Delta也会随之增加，这意味着你未来能赚的钱会越来越多。伽马在这里是你的“助推器”，让你的利润随着股价上涨而加速增长。例如，卖出12月看跌期权差价组合，同时买入11月看涨期权差价组合，利用不同到期日的伽马差异来获利。对于这类正伽马策略，你可以考虑让利润多跑一会儿，但也要注意风险管理，比如当看跌期权变得毫无价值时，可以考虑买回它，或者在看涨期权达到平价时平仓。

接下来建议的操作指引： 1. 卖出看跌期权（Short Put）时，在期权价格达到50%-70%的盈利目标时，设置止盈单（GTC订单）及时平仓，锁定利润，避免市场反转风险。 2. 考虑卖出看跌期权同时买入看涨期权（Sell Put to Buy Call）或卖出看跌期权差价组合同时买入看涨期权差价组合（Sell Put Spread to Buy Call Spread），利用正伽马效应，在股价上涨时让利润持续增长。 3. 关注期权的外在价值变化，当期权外在价值较低时，其伽马值通常较高，这意味着在股价出现方向性变动时，期权价格可能出现更大幅度的增长。

[0:02] 什么是伽马？期权价格变化速度 [1:03] 伽马与期权到期时间的关系 [2:04] 零日到期期权的伽马效应 [3:04] 外在价值与伽马的关联性 [4:05] 财报事件如何影响伽马值 [5:05] 负伽马策略：卖出看跌期权 [6:06] 负伽马策略的止盈操作建议 [7:07] 正伽马策略：买入看涨期权 [8:08] 混合伽马策略：卖出看跌买入看涨 [9:09] 伽马策略的风险管理与进阶

[Source](https://www.bilibili.com/video/BV1NF4c6jEHW)

中文简报

tastylive巴特勒敦促期权卖方按50%止盈规避负伽马不对称风险卖出看跌期权在标的上涨时Delta会因负伽马而衰减并锁死后续收益空间，交易员应在获利50%至70%时挂单平仓以防范不对称的反转风险。节目中，主持人迈克·巴特勒（Mike Butler）跳出枯燥的理论公式，从平台实操角度剖析伽马如何决定头寸管理。他指出外在价值越低（如零日到期期权或低波动率标的），伽马值越高，标的微小变动就能引发期权价格成倍暴涨；反之高外在价值环境下的伽马则较为迟钝。针对卖出看跌期权等负伽马策略，由于获利时Delta会衰减导致后续收益递减而下行风险犹存，巴特勒强烈建议设置GTC限价单在盈利50%至70%时止盈离场；而面对正伽马机会，他推荐采用跨期混合价差（如卖出远月看跌价差同时买入近月看涨价差）来抵消权利金成本，实现收益的加速放大。伽马（Gamma）是Delta对标的资产价格变动的敏感度指标；外在价值越低，伽马值通常越高，标的微小变动即可促成期权价格成倍暴增。 (0:00) 零日到期（0DTE）期权外在价值极低，SPY上涨5美元可让平值0DTE期权涨幅达500%-600%，而30天远期期权涨幅仅为40%-50%。 (1:03) 卖出看跌期权属于负伽马策略，股价上涨会导致Delta萎缩从而降低后续收益潜力，建议通过GTC限价单在盈利50%-70%时止盈离场。 (5:00) 通过“卖出远期看跌期权差价并买入近期看涨期权差价”的混合结构，交易者不仅能收取权利金，还能享受近月正伽马带来的利润加速效应。 (7:07)

Source quotes

[0:00] Mike Butler: Gamma is the rate of change of Delta given a one point move in the underlying price. [5:00] Mike Butler: When I look at a short put strategy, I would like to think that that is kind of a negative gamma position where the more I benefit from an upside move in spy, the lower my delta gets and the less money I can make going forward.

Original transcript

[0:00] What's up everyone welcome back to the action to another episode of options in action. My name is Mike Butler. I'm here We're talking about gamma today. If you haven't seen one of these episodes This is a series where we talk about old whiteboard video concepts strategies. We bring them to the platform and more of an advanced light and Gamma is an interesting one. I want to talk about a couple of things with gamma. I don't really pay too much attention to gamma I think gamma from a strategic standpoint is really just understanding like what is a positive gamma position? What is a negative gamma position and how do I utilize that information to create scenarios or utilize tools within the platform to lock in profits, maybe a hedge some losses, et cetera, et cetera, et cetera. So let's start off by defining gamma. Gamma is the rate of change of Delta given a one point move in the underlying price. So, Gamma is really just a measure of like how sensitive is your Delta given a dollar move up or down in the underlying price? So when you look at gamma on the taste trade platform, what you will see is that gamma is typically going to be a higher reading with options that are about to expire. And it's going to be a lower reading with options that have plenty of time left to expiration now. Gamma is also going to be highest with those at-the-money options. And just looking at this November cycle, we're looking at SPY right now, the gamma of 0.01 and 0.02 with 30 days to go in SPY, this gamma reading is really low because even if you have an at-the-money option – that goes in the money, the Delta is probably going to be pretty similar because you still have plenty of expiration time left. You have plenty of extrinsic value. Extrinsic value is really a big driver of gamma readings. And it's because this option that's trading for $1,100, even if we get a big rally in SPY, the percentage move on that Delta is really going to be pretty minimal. You can see a 50 Delta right at the money here. turns into a 55, 56, 57 delta on a pretty sizable move to the upside. Now, if you look at an options expiration that has very little time left to expiration, like a zero day, you're going to see a much higher gamma reading. And that's because an at the money option that expires today, if this goes in the money, over the next 30 minutes, all of a sudden you're 50 or 40 Delta, it turns into a 70 or 80 Delta real quick. It also has much less extrinsic value, 10 times less extrinsic value, uh, than the previous option we just looked at. So, With that said, An in-the-money move with a call option in SPY, gaining intrinsic value one-for-one can really multiply in price. You could see this option go from $1.60 to $700 in a $5 move, where the 23-day cycle, the one we just looked at, it's not going to happen. You could have an $1,100 option turn into $1,400 or $1,500, which is still a nice gain on that option if you bought it. But on a percentage move, it is not that much at all compared to the previous example we just looked at. We're talking about a 40% or 50% increase in the November 20th cycle versus a 600% or 500% increase in the zero day cycle. the gamma number you see on the platform is certainly going to be higher when you have low time to expiration, which really is just low extrinsic value. You could look at TLT, something notoriously low implied volatility. And you're going to see a much higher gamma reading than what we just looked at. We just looked at spy in November and we've got TLT pulled up here with a 16 gamma reading. And it's because you've got an at the money option trading for 90 cents. If you get a three, four, five point move, that option turns into three, four, $500 with intrinsic value. So the more an option can multiply in price, the higher your gamma reading is going to be. And that is because the Delta is increasing, but it's also because we're dealing with low extrinsic value across the board in TLT. compared to SPY. So with that said, another more advanced layer, if I look at a zero day option, like in Microsoft, that's reporting earnings today. If I look at a two day option cycle, the gamma is really low, even with two days left. Why is that? It's because we've got Microsoft with a binary event after the close today, which is creating a ton of extrinsic value in these options. But if you come back tomorrow, After they announce earnings, And after the big vol crush in the two-day cycle, these gamma numbers are going to be significantly lower. higher because you're going to have way less extrinsic value in the, the then one day cycle. And these options at that point in time, we'll have a much better time or much easier time multiplying in value. So that's gamma. from a definition standpoint, from a strategy standpoint, We talk about like [5:00] Selling premium. If we go back to spy, selling a put, in Spy. Let's look at like the seven. Let's look at the November cycle. Let's look at like the 765 strike this option. I don't really care what this gamma is. The gamma doesn't really mean anything to me at this point in time. But what I do know, is that if I sell this put in SPY. And we look at the analysis mode. Let's throw this up here. If we look at this, if I see SPY... increased in a big way and we get to 800 and SPY, 825. That'd be crazy. This option itself is going to of course, lose Delta, which is that gamma effect. on the way up in spy, this option loses Delta. It has a higher probability of expiring out of the money, but it also loses premium value. So for me, When I look at a short put strategy, I would like to think that that is kind of a negative gamma position where the more I benefit from an upside move in spy, the lower my delta gets and the less money I can make going forward. So with that said, because I know that a short put has a defined max profit – I'm going to use a GTC order to close this option or a limit order to close this option at 50% profit, maybe 60, maybe 70% profit. But because this is a situation where the more money I see on the table, the less I can make going forward because my gamma is reducing my delta, I'm not going to be able to make as much money going forward in this position. So it doesn't make sense for me to hold the risk of a full market reversal. seeing that it's trading for 10 cents after I sold it for $700. That's all risk. There's no, there's no reason for me to hold that position if I'm just doing like a one lot in spy. So, Position like that where gamma... reduces my delta. While I'm making money on the position, I think it makes sense to have a closing order for taking profits. Now, what if I sold this put and instead of just selling the put, I bought a call option and I routed that for credit? One of the nicer strategies that we've been talking about a lot more, like a Super Bowl or Super Bear, where you sell a put to buy a call or you sell a put spread to buy a call spread. Now we have a positive gamma situation because – And really a long call by itself has positive gamma as well, because if we see profitability on the way up, not only does my long calls delta increase, so does the value of the option. And every single one point move higher in spy going forward creates more and more profitability because that delta is increasing. credit where I don't have that same debit risk. Or if I sell a put spread to buy a call spread, those are the situations where gamma is working in our favor. And those are the types of trades that can give you a really high return on capital. Although they can be a lower probability trade, like in the case of a diagonal spread or calendar spread, when you're paying a debit, it's a lower probability trade, but the trade-off is you have a higher max profit relative to something like a high probability short put trade. So I like to kind of blend them together, Selling a put spread to buy a call spread. Selling a put spread to buy a call. The one I did in Microsoft, for earnings was selling a put spread in December to buy a call spread in November. I want this positive gamma. I want this spread to gain Delta quickly in November relative to December, but I want to sell that put spread in December to get more premium, have more time on my side in case things go wrong. So you can kind of mix and match these things. But from my perspective, I don't look at the gamma reading all too often. We went through that definition. We looked at the numbers of time, you're going to have a lower gamma reading, the less extrinsic value an option has, it gives that option more ability to multiply in value. If there's a directional move, that is where you're going to get those higher gamma readings. And those are notorious for those low IV environments like TLT, for example. And for me, Gamma strategies like selling a put On the way up, when you see profits, your delta goes down, your profitability going forward goes down. Makes sense to have a GTC order, in my opinion. canceled order where you just are routing it to take that profit and taking that risk off the table when you get that profit. On the other side of the coin, positive gamma trades like a diagonal spread, a calendar spread, selling a put to buy a call. Those are ones where you can let them ride a little bit more, but the same thing applies. If I sell a put to buy a call and we get that rally to the upside and my put's worthless, it's still a risk. Maybe I buy back the put and I spread off the call spread or I close the call once it reaches at the money. These are the things where you get a little bit more advanced as you learn those strategies. [10:00] and as you to kind of hone those strategies and make them your own. But let me know how you're trading gamma or utilizing gamma in your trading decisions in the comments below. Please like this video, subscribe to the Tasty Live channel, and we'll see you on the next episode of Options in Action.

tastylive巴特勒敦促期权卖方按50%止盈 规避负伽马不对称风险