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Definition: Gamma distribution is a distribution that arises naturally in processes for which the waiting times between events are relevant. It can be thought of as a waiting time between Poisson distributed events. Probability density function: The waiting time until the hth Poisson event with a rate of change Î» is.
Investopedia explains Gamma. Mathematically, gamma is the first derivative of delta and is used when one is trying to gauge the price of an option relative to how much it is in or out of the money. When the option being measured is deeply in or out of the money, gamma is small.When the option is near the money, gamma is large.he gamma of an option is greatest when an option is near the money (strike price close to market price of underlying asset) and near zero when an option is deep out of the money.