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eg if you are 100% long and the stock goes up 20% then another 20%, you make 20% return on each move. If you are 100% short, you lose 20% on the first move and 30% on the second move.
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)
