Same move, two clocks

A long call has delta 0.40 and gamma 0.05. The underlying rises $2. Roughly what is the new delta?

• 0.45
• 0.50
• 0.40, because delta doesn't change until expiration

Why does the ½ × gamma × move² term make a short option's loss bigger whether the price rises or falls?

• Because gamma is always positive for a short option
• Because move² is positive either way, and a short option's gamma is negative
• Because the term only applies to rising prices