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+Chapter 40: Advanced Concepts 893 
+change in the securities involved in the position. There is one absolute truism and 
+that is that the serious strategist should be aware of the risk his position has with 
+respect to at least the four basic measures of delta, gamma, theta, and vega. To be 
+ignorant of the risk is to be delinquent in the management of the position. 
+TRADING GAMMA FROM THE LONG SIDE 
+The strategist who is selling overpriced options and hedging that purchase with other 
+options or stock will often have a position similar to the one described earlier. Large 
+stock movements - at least in one direction will typically be a problem for such 
+positions. The opposite of this strategy would be to have a position that is long 
+gamma. That is, the position does better if the stock moves quickly in one direction. 
+While this seems pleasing to the psyche, these types of positions have their own 
+brand of risk. 
+The simplest position with long gamma is a long straddle, or a backspread 
+(reverse ratio spread). Another way to construct a position with long gamma is to 
+invert a calendar spread - to buy the near-term option and to sell a longer-term one. 
+Since a near-term option has a higher gamma than a longer-term one with the same 
+strike, such a position has long gamma. In fact, traders who expect violent action in 
+a stock often construct such a position for the very reason that the public will come 
+in behind them, bid up the short-term calls (increasing their implied volatility), and 
+make the spread more profitable for the trader. 
+Unfortunately, all of these positions often involve being long just about every­
+thing else, including theta and vega as well. This means that time is working against 
+the position, and that swings in implied volatility can be helpful or harmful as well. 
+Can one construct a position that is long gamma, but is not so subject to the other 
+variables? Of course he can, but what would it look like? The answer, as one might 
+suspect, is not an ironclad one. 
+For the following examples, assume these prices exist: 
+XYZ: 60 
+Option 
+March 60 call 
+June 60 call 
+Price 
+3.25 
+5.50 
+Delta 
+0.54 
+0.57 
+Gamma 
+0.0510 
+0.0306 
+Theta 
+0.033 
+0.021 
+Vega 
+0.089 
+0.147 
+Example: Suppose that a strategist wants to create a position that is gamma long, but 
+is neutral with respect to both delta and vega. He thinks the stock will move, but is 
+not sure of the price direction, and does not want to have any risk with respect to