 बिस्मेल लाई रख्मान रहीं तो इन अद्वाश दिस्मनिज्मन आज आम बात करेंगे गामा हेज देल्टा गामा के क्या चीजे है यामने देल्टा की पहले बात कीवी आप गामा को तोड़ा परदर हुँँ मूप करेंगे गामा हेजिंग is a trading strategy that tries to maintain a constant delta in an option position often one is that is delta is neutral and underlying price change कि मुतलब हमारा जो देल्टा है उसको हम मेंटेन रखना चारें और प्राइस मेंगर चेंज आरी है तो how that delta is maintained उसको क्याप्चर करेंगे होतेंगे होतेंगे होतेंगे होतेंगे होतेंगे होतेंगे it is used to reduce the risk created when the underlying securities make a strong move up or down परटिकुलेलि दूरिंग लास दे अख्ष्पाई जब एक सपारेशन के करीब जागे अप्षिन की प्राइस, स्टोग की प्राइस के बोछ ख्लोज होँ जाती ये निज कर डेल्टा जोई हो कापी चेंज होँ जाता है अगर अख्ष्पारी, जब इख्पारी के पास जागे जोई नहुस में कापी मतीरिल चेंज आजाती है तो दार्डिस बीं काप्ष्ट्वर और गेज एन दे फिद युज़ोग गेमा अचीविं गेमा नुट्रल पोडिषन is a method of managing risk an option trading by establishing an asset portfolio whose delta rate is close to 0 even the underlying rise or fall i.e. the delta factor which is built in and incorporated by the gamma this is known as gamma hedging a gamma neutral portfolio is thus hedged against second order time price sensitivity i.e. further the change in it or the main change is captured by gamma for example if a large number of calls were being held in a position then a trader might add a small put option to offset an unexpected drop in price during next 24 for the idea i.e. if the expiration is closed then we are long so we can take some put options or we can take some calls which are not in a position for the idea i.e. if the expiration is closed then we are long so we can take some put options or we can carefully select some calls and sell them at a different strike price so we are re-adjusting ourselves when we are coming close to the expiration part gamma versus delta gamma is the greek alphabet inspired name for standard variable for black shoes model the first formula we have made a module for black shoes these gamma and delta are both components used to value options in the black shoes model within the formula are two particular variables that help trader understand the way option price change in relation to the movement in underlying so these are the elements of delta and gamma delta is a trader how much an option price is expected to change because of small change in underlying stock or as it specifically a $1 change i.e. we just want to say that we have an option on a share so if the price of a share is $1 change in the underlying stock so what will be the impact on the option of that particular share so that is being mainly captured by delta gamma refers to the rate of change of the options delta with respect to change in price of an underlying stock or as it essentially gamma is the rate of change of the rate price of an option i.e. after all these are the options first we talked about what will be the impact on the option of a stock price change this is delta in the basic delta for example if your stock price is $1 then your option is $0.6 so this is delta point is that on the next movement delta remains the same that is being captured through the head that is being captured through the help of gamma however some trader also thinks that gamma as the expected change result from second consecutive $1 change in the price of underlying i.e. the logic is that you have already talked about $1 change that delta has been captured but if there is a further change then what will be the impact on it so that will not necessarily be the same delta so that gamma has a further impact so it is like some say that this second wave or second move is also being captured so it is not just $1 for the $2 move gamma becomes more important so that adding gamma and delta the original delta would get the expected move from $2 move in the underlying security if there is a change then for the second change we need to have gamma to capture the impact and see how the delta is going to vary we will do some illustration to have a thorough understanding but you should recall the model of black souls once again that is a very famous and a very prominent discovery in the financial world which is used to calculate the value of the option and using both delta and the gamma so you will know why we are talking about this how important they are thank you