Delta (Options Greek)
Measures an option's directional exposure - how much the option price changes for a 1 dollar move in the underlying.
Formula
More Details
What is Delta?
Delta measures directional exposure. It tells you how much an option's price will change for every $1 move in the underlying stock.
Learn more: Options Greeks Guide | Greeks Analysis | Options Intraday Charts
Delta Values
| Option Type | Delta Range | Interpretation |
|---|---|---|
| Long Call | 0 to +1 | Gains when stock rises |
| Long Put | -1 to 0 | Gains when stock falls |
| Short Call | 0 to -1 | Loses when stock rises |
| Short Put | +1 to 0 | Loses when stock falls |
Delta as Share Equivalent
A portfolio delta of +250 means your positions behave like owning 250 shares of the underlying. If the stock rises 1 dollar, you gain approximately 250 dollars.
Delta by Moneyness
- Deep ITM: Delta near 1 (or -1 for puts)
- ATM: Delta around 0.50 (or -0.50)
- Deep OTM: Delta near 0
Portfolio Delta on TradesViz
The Options Command Center shows your Net Delta across all open positions. This tells you your overall directional bias are you net long or net short the market?
Example: Net Delta of +500 means you gain roughly 500 dollars for every 1 dollar rise in your underlyings.
Where to find it in TradesViz
Example
A call with 0.60 delta gains 0.60 for every 1 dollar increase in stock price.