Gamma as a measure of magnitude risk

Whereas delta is a measure of directional risk, gamma can be thought of as a measure of magnitude risk.

Do we want moves of smaller magnitude (a negative gamma) or larger magnitude (a positive gamma)?

Alternatively, gamma also can be thought of as the speed at which we want the market to move.

Do we want the underlying price to move slowly (a negative gamma) or quickly (a positive gamma)?

This is one of the many passages and charts I find in books and articles on a daily basis. They span many disciplines, including:

I occasionally add a personal note to them.

The whole collection is available here.