Delta V/s Gamma

CFA Level II Portfolio Management
#1

I’m confused with the difference between delta and gamma. Could anyone help ?

#2

If I remember correctly, Delta measures the change in the option value given a change in stock price, while Gamma measures the change in Delta itself.

#3

That’s correct.

#4

I believe it is right to think Gamma as a second derivative with respect to St, while delta as a first derivative wrt St.