What is Put Gamma? Put Gamma is the sum of all put option gamma for all available strikes. Why does Put Gamma matter? A large put gamma position infers that options market makers will more actively hedge as the stock moves lower. How to use Put Gamma Stocks with a large put gamma position may have a bearish edge. Interested in learning more? Related articles What is Net Gamma? What is Call Gamma? What is Call Delta? What is Gamma, Market Gamma and/or Total Market Gamma? What is Top Put OI (Open Interest)?