Background: Gamma & Market Structure Options market makers are structurally mandated to maintain a neutral risk profile. To achieve this, market makers/dealers must constantly hedge their directional exposure by buying and selling the underlying asset (the common stock). Gamma is the metric that dictates the speed, size, and direction

The US Options market is no longer a stock market "side bet". In terms of notional value, it is a force to be recognized. In 2025, the options market is on track for 13.8 billion contracts, marking the 6th consecutive year of record volume. This has resulted