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. Related articles What are Zero Gamma Levels? What is Put Wall Support? What is the SpotGamma Gamma Index? What is CP Gamma Tilt? What is Call Gamma?