Delta: The measure of how much exposure your option position has to the underlying is Delta. Delta lets you know how much your option position will change for a 1-point move in the underlying. Call deltas range from 0.0 to 1.0 and Put deltas range from 0.0 to -1.0. The underlying always has a delta of 1.
For example:
Delta of a call: .60
Price of call: $1.00
Price of underlying: $52.00
If the underlying increases to $53.00 your option is now worth $1.60.
If the underlying decreases to $51.00 your option is now worth $0.40
