What is Net Gamma? Net Gamma is the sum of call gamma - sum of put gamma Why does Net Gamma 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 Net Gamma A positive gamma position infers lower volatility in the underlying stock. A negative gamma position implies higher volatility in the underlying stock. Related articles What is Call Delta? What is Gamma, Market Gamma and/or Total Market Gamma? What is Gamma Flip? What is Call Gamma? What is Put Gamma?