The Power of Gamma in Options

The reality though of a 30-day option is more complicated. It's not just a function of the realized move that happened that day and the amount of gamma in that move. You could have a situation where a 10% out of the money option, you know, with a month to go, as priced on a 25 volatility may go to a 40 volatility. That leads to dramatically different outcomes. The problem is if people aren't hedged at 30 days or 60 days or 90 days or whatever it is, right? Or worse, they're selling that implied volatility to buy the gamma in the short data,. which is also happening, by the way.