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The process involves taking long or short positions in the underlying asset.A derivative’s delta is the relation between changes in the derivative’s price and changes in the price of the underlying asset. So if the underlying asset’s price changes, the derivative’s price will have a corresponding change. The delta tells how much this change will be. For a put, when the underlying asset’s price rises, the price of the put goes down. If a put option has a delta of .25, and the underlying asset changes in price by $12, then the price of the put option will change by $3.Delta hedging involves making another trade that neutralizes the delta.As an example, a trader who owns a put option with a delta of .25 needs to buy some of the underlying asset to make the delta hedge. The amount of underlying assets the trader needs to own is based on the delta. For a put with a .25 delta, the trader will need to own 25% of the amount of underlying asset covered by the option. Therefore, if the put is for 100 shares of ABC stock, the trader needs to own 25 shares of ABC to delta hedge his ABC put.", "duration": "PT1M30S", "name": "Delta Hedging", "thumbnailUrl": "https://cdn.jwplayer.com/v2/media/RlKU7Tzj/poster.jpg?width=720", "uploadDate": "2018-11-26T17:25:59.680-05:00"} ,"publisher": { "@type": "Organization", "name": "Investopedia", "url": "https://www.investopedia.com", "logo": { "@type": "ImageObject", "url": "https://www.investopedia.com/thmb/QfBehpNM1l3_gNG-oJMQnjdaJ6c=/260x60/filters:no_upscale():max_bytes(150000):strip_icc()/investopedia-schema-logo-94b9fb2a18b04f4fa6eaad7bf95393e6.png", "width": 260, "height": 60 }, "brand": "Investopedia" , "publishingPrinciples": "https://www.investopedia.com/about-us" , "sameAs" : [ "https://twitter.com/investopedia", "https://www.facebook.com/Investopedia/", "https://www.youtube.com/user/investopediacom", "https://www.linkedin.com/company/investopedia-ulc", "https://www.instagram.com/investopedia/" ] } ,"citation": [ "Merrill. “<a href="https://www.merrilledge.com/investment-products/options/learn-understand-delta-options" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow sponsored">Delta</a>.”", "Cbonds. “<a href="https://cbonds.com/glossary/european-option/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">European Option</a>.”", "Fidelity. “<a href="https://www.fidelity.com/learning-center/smart-money/what-are-options" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow sponsored">What Are Options, and How Do They Work?</a>”", "Macroption. “<a href="https://www.macroption.com/delta-hedging/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Delta Hedging: Calculations, Adjustments, Long vs. Short Options</a>.”", "Macroption. “<a href="https://www.macroption.com/option-time-value/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Option Time Value</a>.”" ] ,"mainEntityOfPage": { "@type": ["WebPage"] ,"@id": "https://www.investopedia.com/terms/d/deltahedging.asp" ,"breadcrumb": { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@id": "https://www.investopedia.com/options-and-derivatives-trading-4689663", "name": "Options and Derivatives" } } , { "@type": "ListItem", "position": 2, "item": { "@id": "https://www.investopedia.com/options-trading-strategy-and-education-4689661", "name": "Strategy & Education" } } ] },"reviewedBy": [ {"@type": "Person" ,"name": "David Rubin" ,"url": "https://www.investopedia.com/david-ruben-8387751" } , {"@type": "Person" ,"name": "Somer Anderson" ,"url": "https://www.investopedia.com/somer-g-anderson-4799773" } ] ,"lastReviewed": "2024-06-20T18:43:04.670-04:00"} , "about": [ { "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "How Does Delta Hedging Work?", "acceptedAnswer": { "@type": "Answer", "text": "<p>Delta hedging is a trading strategy that involves options. Traders use it to hedge the directional risk associated with changes in the price of the underlying asset by using options. This is usually done by buying or selling options and offsetting the risk by buying or selling an equal amount of stock or ETF shares. The aim is to reach a delta-neutral state without a directional bias on the hedge.<\/p>" } } , { "@type": "Question", "name": "Can You Use Delta To Determine How To Hedge Options?", "acceptedAnswer": { "@type": "Answer", "text": "<p>Yes, you can use delta to hedge options. In order to do this, you must figure out whether you should buy or sell the underlying asset. You can determine the quantity of the delta hedge by multiplying the total value of the delta by the number of options contracts involved. Take this figure and multiply that by 100 to get the final result.<\/p>" } } , { "@type": "Question", "name": "What Is Delta-Gamma Hedging?", "acceptedAnswer": { "@type": "Answer", "text": "<p>Delta-gamma hedging is an options strategy. It is closely related to delta hedging. In delta-gamma hedging, delta and gamma hedges are combined to cut down on the risk associated with changes in the underlying asset. It also aims to reduce the risk in the delta itself. Remember that delta estimates the change in the price of a derivative while gamma describes the rate of change in an option's <a href=\"https://www.investopedia.com/terms/d/delta.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">delta<\/a> per one-point move in the price of the underlying asset.<\/p>" } } ] } ] } ]</script> </head><body>  <svg class="mntl-svg-resource is-hidden"> <defs> <symbol id="icon-alert"> <svg width="30" height="29" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M13.2522 4.38081C14.077 2.92054 16.1389 2.92054 16.9637 4.38081L26.7065 21.6302C27.5313 23.0905 26.5003 24.9158 24.8507 24.9158H5.36517C3.7156 24.9158 2.68462 23.0905 3.5094 21.6302L13.2522 4.38081Z" fill="#fff"/><path fill-rule="evenodd" clip-rule="evenodd" d="M19.6063 2.76459L29.2795 20.1815C31.3267 23.8676 28.7677 28.4753 24.6732 28.4753H5.32681C1.23233 28.4753 -1.32671 23.8676 0.720529 20.1815L10.3937 2.76459C12.441 -0.921533 17.559 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id="mntl-toc__heading-text_2-0" class="comp mntl-toc__heading-text mntl-text-block">Table of Contents</span> <svg class="icon icon-drawer-arrow " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-drawer-arrow" href="#icon-drawer-arrow"></use> </svg></div> <ul id="mntl-toc__list_1-0" class="comp mntl-toc__list mntl-toc__list-heading expert-content"><li id="mntl-toc__list-item_1-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_1-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-what-is-delta-hedging" rel="nocaes" id="mntl-toc__list-item-link_1-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">What Is Delta Hedging?</span></a></div></li> <li id="mntl-toc__list-item_2-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_2-0" class="comp mntl-toc__list-item-heading mntl-block"><a 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class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">A Brief Primer on Options</span></a></div></li> <li id="mntl-toc__list-item_5-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_5-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-delta-hedging-with-equities" rel="nocaes" id="mntl-toc__list-item-link_5-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Delta Hedging With Equities</span></a></div></li> <li id="mntl-toc__list-item_6-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_6-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-advantages-and-disadvantages-of-delta-hedging" rel="nocaes" id="mntl-toc__list-item-link_6-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Pros and Cons</span></a></div></li> <li id="mntl-toc__list-item_7-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_7-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-example-of-delta-hedging" rel="nocaes" id="mntl-toc__list-item-link_7-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">Example</span></a></div></li> <li id="mntl-toc__list-item_8-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_8-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-how-does-delta-hedging-work" rel="nocaes" id="mntl-toc__list-item-link_8-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">FAQs</span></a></div></li> <li id="mntl-toc__list-item_9-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_9-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-the-bottom-line" rel="nocaes" id="mntl-toc__list-item-link_9-0" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" data-tracking-container="true" ><span class="link__wrapper">The Bottom Line</span></a></div></li></ul></div></div></div></div> </div><div class="loc article-pre-content"><ul id="breadcrumbs_1-0" class="comp breadcrumbs mntl-breadcrumbs mntl-block" data-tracking-container="true"><li id="mntl-breadcrumbs__item_1-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/options-and-derivatives-trading-4689663" rel="nocaes" id="mntl-text-link_1-0" class="mntl-text-link mntl-breadcrumbs__link" data-tracking-container="true" ><span class="link__wrapper">Options and Derivatives</span></a></li> <li id="mntl-breadcrumbs__item_2-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/options-trading-strategy-and-education-4689661" rel="nocaes" id="mntl-text-link_2-0" class="mntl-text-link mntl-breadcrumbs__link" data-tracking-container="true" ><span class="link__wrapper">Strategy & Education</span></a></li></ul> <header id="article-header_1-0" class="comp article-header mntl-block right-rail__offset js-toc-appear"><h1 id="article-heading_1-0" class="comp article-heading mntl-text-block">Delta Hedging: Definition, How It Works, and Example</h1> <div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div> <div id="article-meta_1-0" class="comp article-meta mntl-block" data-tracking-container="true"><div id="finance-bylines_1-0" class="comp finance-bylines mntl-bylines"><div id="mntl-bylines__group_1-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--author"><div id="mntl-bylines__item_1-0" class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"> <span class="mntl-attribution__item-descriptor">By</span> <div data-tooltip="<p>James Chen, CMT is an expert trader, investment adviser, and global market strategist.</p>" tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/contributors/101529/" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >James Chen</a> <div id="mntl-author-tooltip_1-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:100.0%;"> <img data-srcset="https://www.investopedia.com/thmb/nSobm7a0LQiDFgmrKU-QLBsumXc=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/photo__james_chen-5bfc26144cedfd0026c00af8.jpeg 90w" data-sizes="90px" 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</svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> <p>James Chen, CMT is an expert trader, investment adviser, and global market strategist.</p> </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div> <div class="mntl-attribution__item-date">Updated June 20, 2024</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <div data-tooltip="Somer G. 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Her expertise covers a wide range of accounting, corporate finance, taxes, lending, and personal finance areas." tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/somer-g-anderson-4799773" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Somer Anderson</a> <div id="mntl-author-tooltip_2-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:71.4%;"> <img data-srcset="https://www.investopedia.com/thmb/8JLs9HgQlIk_CBnQmsEsDrFJ-I4=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/IMG_7291_Crop-SomerAnderson-fdd793749683441487bbf0bd73328c59.jpg 90w" data-sizes="90px" data-src="https://www.investopedia.com/thmb/Q2DPcP2nNdDpu4s4G8qBPXzW6GA=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/IMG_7291_Crop-SomerAnderson-fdd793749683441487bbf0bd73328c59.jpg" alt="Somer G. Anderson" class="lazyload mntl-author-tooltip__image" width="90" height="200" /> <noscript> <img src="https://www.investopedia.com/thmb/Q2DPcP2nNdDpu4s4G8qBPXzW6GA=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/IMG_7291_Crop-SomerAnderson-fdd793749683441487bbf0bd73328c59.jpg" srcset="https://www.investopedia.com/thmb/8JLs9HgQlIk_CBnQmsEsDrFJ-I4=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/IMG_7291_Crop-SomerAnderson-fdd793749683441487bbf0bd73328c59.jpg 90w" alt="Somer G. Anderson" width="90" height="200" class="img--noscript mntl-author-tooltip__image" /> </noscript> </div> </div> <div id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <span id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item mntl-attribution__item-name">Somer Anderson</span> </div> <a href="https://www.investopedia.com/somer-g-anderson-4799773" rel="nocaes" id="finance-author-tooltip__link_2-0" class="finance-author-tooltip__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_2-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/somer-anderson-9b018543/" target="_blank" rel="noopener nofollow sponsored noskim" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit James Chen's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. Her expertise covers a wide range of accounting, corporate finance, taxes, lending, and personal finance areas. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/investopedia-financial-review-board-5076269" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >Financial Review Board</a> </div> </div></div> </div></div> <div id="mntl-bylines__group_3-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--fact_checker"><div id="mntl-bylines__item_3-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <div data-tooltip="<p>David is comprehensively experienced in many facets of financial and legal research and publishing. As an Investopedia fact checker since 2020, he has validated over 1,100 articles on a wide range of financial and investment topics.</p>" tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/david-ruben-8387751" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >David Rubin</a> <div id="mntl-author-tooltip_3-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:100.0%;"> <img data-srcset="https://www.investopedia.com/thmb/P7KSIDcEsxaLs9ISXuub7xi1nvM=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/DavidRubinbiophoto-720c26a0862f4b3e86e1d2036ffcf10f.jpg 90w" data-sizes="90px" data-src="https://www.investopedia.com/thmb/_9lVttAL3Ft7sJY2IJssj0unlDU=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/DavidRubinbiophoto-720c26a0862f4b3e86e1d2036ffcf10f.jpg" alt="David Rubin bio photo" class="lazyload mntl-author-tooltip__image" width="90" height="200" /> <noscript> <img src="https://www.investopedia.com/thmb/_9lVttAL3Ft7sJY2IJssj0unlDU=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/DavidRubinbiophoto-720c26a0862f4b3e86e1d2036ffcf10f.jpg" srcset="https://www.investopedia.com/thmb/P7KSIDcEsxaLs9ISXuub7xi1nvM=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/DavidRubinbiophoto-720c26a0862f4b3e86e1d2036ffcf10f.jpg 90w" alt="David Rubin bio photo" width="90" height="200" class="img--noscript mntl-author-tooltip__image" /> </noscript> </div> </div> <div id="mntl-author-tooltip__name_2-0" class="comp mntl-author-tooltip__name mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <span id="mntl-author-tooltip__name_2-0" class="comp mntl-author-tooltip__name mntl-attribution__item mntl-attribution__item-name">David Rubin</span> </div> <a href="https://www.investopedia.com/david-ruben-8387751" rel="nocaes" id="finance-author-tooltip__link_3-0" class="finance-author-tooltip__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div class="mntl-author-tooltip__bio"> <p>David is comprehensively experienced in many facets of financial and legal research and publishing. As an Investopedia fact checker since 2020, he has validated over 1,100 articles on a wide range of financial and investment topics.</p> </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div></div> </div></div></header> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"><div id="article__primary-video--jw_1-0" class="comp article__primary-video--jw mntl-jwplayer mm-video lazyload right-rail__offset aspectratio-16:9" data-bgset="https://cdn.jwplayer.com/v2/media/RlKU7Tzj/poster.jpg?width=720" data-sizes="auto"> <video class="mntl-jwplayer__video lazyload" preload="none" data-poster="https://cdn.jwplayer.com/v2/media/RlKU7Tzj/poster.jpg?width=720"></video> </div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-delta-hedging"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is Delta Hedging? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Delta hedging is an options trading strategy that aims to reduce, or <a href="https://www.investopedia.com/terms/h/hedge.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">hedge</a>, the directional risk associated with price movements in the underlying asset. The approach uses options to offset the risk to either a single other option holding or an entire portfolio of holdings. The investor tries to reach a delta-neutral state and not have a directional bias on the hedge.<br> </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>Delta hedging is an options strategy that seeks to be directionally neutral by establishing offsetting long and short positions in the same underlying.</li><li>By reducing directional risk, delta hedging can isolate volatility changes for an options trader.</li><li>An options position could also be delta-hedged using shares of the underlying stock.</li><li>Delta hedging benefits traders when they anticipate a strong move in the underlying stock but does require traders to constantly watch and adjust the positions involved. </li><li>Options position could be hedged with options that have a delta that is opposite to that of the current options holding to maintain a delta-neutral position. </li></ul></div></div></div> <figure id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-image mntl-sc-block-universal-image mntl-sc-block-image--no-theme no-theme mntl-sc-block-image inline-image figure-landscape figure-high-res"> <div class="figure-media"> <div class="img-placeholder" style="padding-bottom:67.5%;"> <img data-src="https://www.investopedia.com/thmb/EzEPTEjUN0he7bGyrP26y9wNtjY=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/deltahedging.asp-final-0f7419fd8d574f35a8db99c1339fec37.png" width="4000" height="2700" data-srcset="https://www.investopedia.com/thmb/RvsnMqXwiGEqxVlPuxjtozRRyCc=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/deltahedging.asp-final-0f7419fd8d574f35a8db99c1339fec37.png 750w" data-sizes="750px" alt="Delta Hedging: An options strategy that seeks to reduce the directional risk associated with price movements in the underlying asset." class="lazyload universal-image__image" data-expand="300" data-hi-res-src="https://www.investopedia.com/thmb/EzEPTEjUN0he7bGyrP26y9wNtjY=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/deltahedging.asp-final-0f7419fd8d574f35a8db99c1339fec37.png" id=mntl-sc-block-image_1-0 data-tracking-container="true" data-img-lightbox="true" data-click-tracked="true" /> <noscript> <img src="https://www.investopedia.com/thmb/EzEPTEjUN0he7bGyrP26y9wNtjY=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/deltahedging.asp-final-0f7419fd8d574f35a8db99c1339fec37.png" width="4000" height="2700" class="img--noscript universal-image__image" srcset="https://www.investopedia.com/thmb/RvsnMqXwiGEqxVlPuxjtozRRyCc=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/deltahedging.asp-final-0f7419fd8d574f35a8db99c1339fec37.png 750w" sizes="750px" alt="Delta Hedging: An options strategy that seeks to reduce the directional risk associated with price movements in the underlying asset." /> </noscript> </div> </div> <figcaption id="mntl-figure-caption_1-0" class="comp mntl-figure-caption type--mouse figure-caption figure-article-caption"> <span class="figure-article-caption-owner"><p>Investopedia / Jake Shi</p></span> </figcaption></figure> <span class="heading-toc" id="toc-how-delta-hedging-works"></span><h2 id="mntl-sc-block_7-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> How Delta Hedging Works </span> </h2> <p id="mntl-sc-block_8-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The most basic type of delta hedging involves an investor who buys or sells options and then offsets the delta risk by buying or selling an equivalent amount of stock or <a href="https://www.investopedia.com/terms/e/etf.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">exchange-traded fund (ETF)</a> shares. Investors may want to offset their risk of moving in the option or the underlying stock by using <a href="https://www.investopedia.com/ask/answers/071715/what-are-common-delta-hedging-strategies.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">delta hedging strategies</a>. </p> <div id="mntl-sc-block_9-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_10-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> More advanced options strategies seek to <a href="https://www.investopedia.com/articles/active-trading/032515/trading-volatility-dont-trade-stocks-trade-options.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">trade volatility</a> through the use of delta-neutral trading strategies. Since delta hedging attempts to neutralize or reduce the extent of the move in an option's price relative to the asset's price, it requires a constant rebalancing of the hedge. Delta hedging is a complex strategy mainly used by institutional traders and investment banks. </p> <div id="mntl-sc-block_11-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_12-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The delta represents the change in the value of an option in relation to the movement in the market price of the <a href="https://www.investopedia.com/terms/u/underlying-asset.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">underlying asset</a>. Hedges are investments—usually options—taken to offset any exposure to the risk of an asset. </p> <div id="mntl-sc-block_13-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_14-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_15-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-important" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_2-0" class="comp mntl-sc-block-callout-heading mntl-text-block"></h3> <div id="mntl-sc-block-callout-body_2-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p><a href="https://www.investopedia.com/terms/d/delta.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Delta</a> is a ratio between the change in the price of an options contract and the corresponding movement of the underlying asset's value. So if a stock option for XYZ shares has a delta of 0.45, if the underlying stock increases in market price by $1 per share, the option value on it will rise by $0.45 per share, all else being equivalent.<br></p></div></div></div> <p id="mntl-sc-block_16-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Let's assume the <a href="https://www.investopedia.com/terms/o/option.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">options</a> discussed have equities as their underlying security. Traders want to know an option's delta since it can tell them how much the value of the option or the premium will rise or fall with a move in the stock's price. The theoretical change in premium for each $1 change in the price of the underlying is the delta, while the relationship between the two movements is the <a href="https://www.investopedia.com/terms/h/hedgeratio.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">hedge ratio</a>. </p> <div id="mntl-sc-block_17-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_18-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The delta of a <a href="https://www.investopedia.com/terms/c/calloption.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">call option</a> ranges between zero and one, while the delta of a <a href="https://www.investopedia.com/terms/p/putoption.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">put option</a> ranges between negative one and zero. The price of a put option with a delta of -0.50 is expected to rise by 50 cents if the underlying asset falls by $1. The opposite is true, as well. For example, the price of a call option with a hedge ratio of 0.40 will rise 40% of the stock-price move if the price of the underlying stock increases by $1. </p> <div id="mntl-sc-block_19-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_20-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Delta is dependent on if it is: </p> <div id="mntl-sc-block_21-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_22-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li><a href="https://www.investopedia.com/terms/i/inthemoney.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">In-the-money</a> or currently profitable</li> <li><a href="https://www.investopedia.com/terms/a/atthemoney.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">At-the-money</a> at the same price as the strike</li> <li><a href="https://www.investopedia.com/terms/o/outofthemoney.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">Out-of-the-money</a> not currently profitable</li> </ul> <div id="mntl-sc-block_23-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_24-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A put option with a delta of -0.50 is considered at-the-money meaning the <a href="https://www.investopedia.com/ask/answers/040115/how-do-i-set-strike-price-option.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">strike price</a> of the option is equal to the underlying stock's price. Conversely, a call option with a 0.50 delta has a strike that's equal to the stock's price.<span class="ql-inline-citation" data-cite="1"></span><br> </p> <div id="mntl-sc-block_25-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-reaching-delta-neutral"></span><h2 id="mntl-sc-block_26-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Reaching Delta-Neutral </span> </h2> <p id="mntl-sc-block_27-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> An options position could be hedged with options exhibiting a delta that is opposite to that of the current options holding to maintain a <a href="https://www.investopedia.com/terms/d/deltaneutral.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">delta-neutral</a> position. A delta-neutral position is one in which the overall delta is zero, which minimizes the options' price movements in relation to the underlying asset. </p> <div id="mntl-sc-block_28-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_29-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> For example, assume an investor holds one call option with a delta of 0.50, which indicates the option is at-the-money and wishes to maintain a delta-neutral position. The investor could purchase an at-the-money put option with a delta of -0.50 to offset the positive delta, which would make the position have a delta of zero. </p> <div id="mntl-sc-block_30-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_31-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_32-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_3-0" class="comp mntl-sc-block-callout-heading mntl-text-block no-title"></h3> <div id="mntl-sc-block-callout-body_3-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p><a href="https://www.investopedia.com/terms/d/deltagamma-hedging.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Delta-gamma</a> hedging is closely related to delta hedging. It is an options strategy that combines both <a href="https://www.investopedia.com/articles/optioninvestor/03/021403.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">delta</a> and <a href="https://www.investopedia.com/terms/g/gamma.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">gamma</a> hedges to mitigate the risk of changes in the underlying asset and in the delta itself.</p></div></div></div> <span class="heading-toc" id="toc-a-brief-primer-on-options"></span><h2 id="mntl-sc-block_33-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> A Brief Primer on Options </span> </h2> <p id="mntl-sc-block_34-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The value of an option is measured by the amount of its <a href="https://www.investopedia.com/terms/p/premium.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">premium</a>, which is the fee paid for buying the contract. By holding the option, the investor or trader can exercise their rights to buy or sell 100 shares of the underlying asset but are not required to perform this action if it is not profitable to them. The price they will buy or sell at is known as the strike price and is set (along with the expiration date) at the time of purchase. Each contract equals 100 shares of the underlying stock or asset. </p> <div id="mntl-sc-block_35-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_36-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Holders of American-style options may exercise their rights at any time up to and including the expiration date. European-style options allow the holder to exercise only on the expiration date. Also, depending on the value of the option, the holder of either style of options may <a href="https://www.investopedia.com/articles/optioninvestor/09/selling-options.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">decide to sell their contract</a> to another investor before expiration.<span class="ql-inline-citation" data-cite="3"></span> </p> <div id="mntl-sc-block_37-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_38-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> For example, if a call option has a strike price of $30 and the underlying stock is trading at $40 at expiry, the option holder can convert 100 shares at the lesser strike price of $30. If they choose, they may then turn around and sell them on the open market for $40 for a profit. The profit would be $10 less the premium for the call option and any fees from the <a href="https://www.investopedia.com/terms/b/broker.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">broker</a> for placing the trades. </p> <div id="mntl-sc-block_39-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_40-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/ask/answers/061715/how-do-traders-combine-short-put-other-positions-hedge.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Put options are a bit more confusing</a> but work in much the same way as the call option. Here, the holder expects the value of the underlying asset to deteriorate before the expiration. They may either hold the asset in their <a href="https://www.investopedia.com/terms/p/portfolio.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">portfolio</a> or borrow the shares from a broker.<span class="ql-inline-citation" data-cite="2"></span> </p> <div id="mntl-sc-block_41-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-delta-hedging-with-equities"></span><h2 id="mntl-sc-block_42-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Delta Hedging With Equities </span> </h2> <p id="mntl-sc-block_43-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> An options position could also be delta-hedged using shares of the underlying stock. One share of the underlying stock has a delta of one as the stock's value changes by $1. For example, assume an investor is <a href="https://www.investopedia.com/terms/l/long.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">long</a> one call option on a stock with a delta of 0.75—or 75 since options have a multiplier of 100. </p> <div id="mntl-sc-block_44-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_45-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> In this case, the investor could delta hedge the call option by <a href="https://www.investopedia.com/terms/s/shortselling.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">shorting</a> 75 shares of the underlying stocks. In shorting, the investor borrows shares, sells those shares at the market to other investors, and later buys shares to return to the lender—at a hopefully lower price.<span class="ql-inline-citation" data-cite="4"></span> </p> <div id="mntl-sc-block_46-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-advantages-and-disadvantages-of-delta-hedging"></span><h2 id="mntl-sc-block_47-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Advantages and Disadvantages of Delta Hedging </span> </h2> <h3 id="mntl-sc-block_48-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Advantages </span> </h3> <p id="mntl-sc-block_49-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Delta hedging can benefit traders when they anticipate a strong move in the underlying stock but run the risk of being <a href="https://www.investopedia.com/terms/o/overhedging.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">over-hedged</a> if the stock doesn't move as expected. If over-hedged positions have to unwind, the trading costs increase. </p> <div id="mntl-sc-block_50-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_51-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Disadvantages </span> </h3> <p id="mntl-sc-block_52-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> One of the primary drawbacks of delta hedging is the necessity of constantly watching and adjusting the positions involved. Depending on the movement of the stock, the trader has to frequently buy and sell securities to avoid being under- or over-hedged. </p> <div id="mntl-sc-block_53-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_54-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The number of transactions involved in delta hedging can become expensive since trading fees are incurred as adjustments are made to the position. It can be particularly expensive when the hedging is done with options as these can lose <a href="https://www.investopedia.com/terms/t/timevalue.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">time value</a>, sometimes trading lower than the underlying stock has increased. </p> <div id="mntl-sc-block_55-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_56-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Time value is a measure of how much time is left before an option's expiration whereby a trader can earn a profit. As time goes by and the expiration date draws near, the option loses time value since there's less time remaining to make a profit. As a result, an option's time value impacts the premium cost for that option since options with a lot of time value typically have higher premiums than those with little time value. As time goes by, the value of the option changes, which can result in the need for increased delta hedging to maintain a delta-neutral strategy.<span class="ql-inline-citation" data-cite="5"></span><br/> </p> <div id="mntl-sc-block_57-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_58-0" class="comp mntl-sc-block finance-sc-block-comparisonlist mntl-block"><div id="mntl-sc-block_59-0" class="comp mntl-sc-block mntl-sc-block-comparisonlist"> <div class="mntl-sc-block__wrapper mntl-sc-block-comparisonlist__wrapper"> <span class="mntl-sc-block__heading mntl-sc-block-comparisonlist__heading">Pros</span> <ul class="mntl-sc-block__list mntl-sc-block-comparisonlist__list"> <li><p>Allows traders to hedge the risk of adverse price changes in a portfolio</p></li> <li><p>Protects profits from an option or stock position in the short term without unwinding the long-term holding</p></li> </ul> </div> <div class="mntl-sc-block__wrapper mntl-sc-block-comparisonlist__wrapper"> <span class="mntl-sc-block__heading mntl-sc-block-comparisonlist__heading">Cons</span> <ul class="mntl-sc-block__list mntl-sc-block-comparisonlist__list"> <li><p>Numerous transactions might be needed to constantly adjust the delta hedge, leading to costly fees</p></li> <li><p>Over-hedging may occur if the delta is offset by too much or the markets change unexpectedly</p></li> </ul> </div> </div></div> <div id="mntl-sc-block_60-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-example-of-delta-hedging"></span><h2 id="mntl-sc-block_61-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Example of Delta Hedging </span> </h2> <p id="mntl-sc-block_62-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Let's assume a trader wants to maintain a delta-neutral position for investment in the stock of General Electric (<a href="https://www.investopedia.com/markets/quote?tvwidgetsymbol=GE" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">GE</a>). The investor owns or is long one put option on GE. One option represents 100 shares of GE's stock. </p> <div id="mntl-sc-block_63-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_64-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The stock declines considerably, and the trader has a profit on the put option. Then recent events push the stock's price higher. However, the trader sees this rise as a short-term event and expects the stock to fall again. As a result, a delta hedge is put in place to help protect the gains in the put option. </p> <div id="mntl-sc-block_65-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_66-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> GE's put option has a delta of -0.75, which is usually referred to as -75. The investor establishes a delta-neutral position by purchasing 75 shares of the underlying stock. At $10 per share, the investor buys 75 shares of GE at the cost of $750 in total. Once the stock's recent rise has ended or events have changed in favor of the trader's put option position, the trader can remove the delta hedge. </p> <div id="mntl-sc-block_67-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_68-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-how-does-delta-hedging-work"></span> <h2 class="mntl-sc-block-questionandanswer__question">How Does Delta Hedging Work?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Delta hedging is a trading strategy that involves options. Traders use it to hedge the directional risk associated with changes in the price of the underlying asset by using options. This is usually done by buying or selling options and offsetting the risk by buying or selling an equal amount of stock or ETF shares. The aim is to reach a delta-neutral state without a directional bias on the hedge.</p></div> </div> <div id="mntl-sc-block_69-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_70-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-can-you-use-delta-to-determine-how-to-hedge-options"></span> <h2 class="mntl-sc-block-questionandanswer__question">Can You Use Delta To Determine How To Hedge Options?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Yes, you can use delta to hedge options. In order to do this, you must figure out whether you should buy or sell the underlying asset. You can determine the quantity of the delta hedge by multiplying the total value of the delta by the number of options contracts involved. Take this figure and multiply that by 100 to get the final result.</p></div> </div> <div id="mntl-sc-block_71-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_72-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-is-delta-gamma-hedging"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Is Delta-Gamma Hedging?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Delta-gamma hedging is an options strategy. It is closely related to delta hedging. In delta-gamma hedging, delta and gamma hedges are combined to cut down on the risk associated with changes in the underlying asset. It also aims to reduce the risk in the delta itself. Remember that delta estimates the change in the price of a derivative while gamma describes the rate of change in an option's <a href="https://www.investopedia.com/terms/d/delta.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">delta</a> per one-point move in the price of the underlying asset.</p></div> </div> <div id="mntl-sc-block_73-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-the-bottom-line"></span><h2 id="mntl-sc-block_74-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> The Bottom Line </span> </h2> <p id="mntl-sc-block_75-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Options traders have a range of strategies to help mitigate the risks involved with these investments. One of these is delta hedging. When a trader uses this strategy, their goal is to reduce the directional risk associated with price movements of the underlying asset. This is accomplished by buying or selling options and offsetting the risk by buying or selling the same amount of shares of a company's stock or ETF. 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