@HereGoesNothing , I'm not judging your trade, but trying to understand it - esp. the role that gamma plays. With that in mind, am I right in that : - you bought long straddles in SPX (and/or RUT) when SPX vol was 15% - you delta hedge the position by buying/selling the underlying as the SPX falls/rises; therefore.... - delta changes cannot make you money as you are mostly delta-neutral - you are negative theta, so every passing day is costing you - you are vega positive, so the recent rise in SPX and fall in VIX is costing you dear The only way this trade can be profitable is if VIX rises, and sooner rather than later. So, I am unsure how the long gamma is hurting you - it is the long vega that is losing you money. If the SPX was at it's present level, but the VIX had risen to say 21 for some reason (eg. impending Trump announcement, trade war escalation etc), then your trade would have been showing a profit - gamma would be just a minor character in this story. I welcome your thoughts.