Does anyone use market gamma for trading levels, with volatility adjusted flows in and out of the indexes?

<p id="isPasted">Since an option's delta measure is only valid for a short period of time, gamma gives traders a more precise picture of how the option's delta will change over time as the underlying price changes. Delta is how much the option price changes with respect to a change in the underlying asset's price.</p><p>Gamma decreases, approaching zero, as an option gets deeper in the money and delta approaches one. Gamma also approaches zero the deeper an option gets out of the money. Gamma is at its highest when the price is at the money.</p><p>The calculation of gamma is complex and requires financial software or spreadsheets to find a precise value. However, the following demonstrates an approximate calculation of gamma. Consider a call option on an underlying stock that currently has a delta of 0.40. If the stock value increases by $1.00, the option will increase in value by 40 cents, and its delta will also change. After the $1 increase, assume the option's delta is now 0.53. The 0.13 difference in deltas can be considered an approximate value of gamma.</p>