I have this older post on what convexity is and isn't. https://moontowermeta.com/where-does-convexity-come-from/ … I think of it as the size of your position changing. As the exposure changes, the slope of your p/l changes for a given move. So your p/l for a 1% move varies with exposure. ...
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Any position 0 < x < 1 is “positive gamma” in this sense (they become larger as a proportion of your aum when they make money) and any position x < 0 or x > 1 is “negative gamma” (become larger as a proportion of your aum when you lose money)
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