I know the definition of all the greeks backwards and forwards (I think!). I don't fully understand the lingo though. What does it mean when a trader says he is long/short gamma? All the definitions say that if you're long options, you're long gamma. So why not say you're long options??? Why 'long gamma'? What do they hope to happen in the market when long gamma - big moves, right? More specifically, when they say long $2M gamma, what does that mean? Same thing for vega? What happens to position when long $2M gamma and mkt moves 1 point on underlying? How does another person know what strike option they are holding, or how many they have, etc...? Basically, I'm new to a trading floor and don't want to ask the traders I'm talking to...so I'll have a bunch more questions forthcoming!!!