What is Gamma (Options Greeks)? Derivative of Delta, Gamma is the dynamic measurement depicting the rate of change of delta relative to the underlying stock. For more on Options Greeks: Intersted in learning more? Related articles What is Delta (Options Greeks)? What is Gamma, Market Gamma and/or Total Market Gamma? What is Vega (Options Greeks)? What is the SpotGamma Gamma Index? What is Gamma Notional?