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When the gamma is tiny, delta alterations bit by bit, and changes to keep a portfolio delta neutral should be built only relatively sometimes. However if Gamma is extremely destructive or really constructive, delta is extremely delicate to the price of the fundamental asset.
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Vega neutrality protects against implied volatility. When volatilities adjust, the implied volatilities of short – dated alternatives tend to alter by a lot more than the implied volatilities of long – dated solutions.
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