# What is Gamma Notional?

Gamma Notional is the sum of call gamma - sum of put gamma

**Why does Gamma Notional matter?**

This allows you to estimate whether a stock has a larger call gamma position (if figure is positive) or put gamma position (if figure is negative).

**How to use Gamma Notional**

A large positive gamma position infers lower volatility in the underlying. A negative gamma position implies higher volatility in the underlying.

Subscribers can locate each day's Gamma Notional in the Daily Founder's Notes.