MONEY GLOBE XOptions Strategies & Greeks · Lesson 1
Delta and gamma
How option prices react to the market
Professional - Gold & Platinum
In this lesson
Use delta to estimate option price moves and position exposure, and gamma to see how fast that exposure changes.
Key takeaways
- Delta ≈ change in option price for a $1 move in the underlying (calls 0 to 1, puts 0 to −1).
- At-the-money options have delta near ±0.5; delta is also a rough guide to the chance of finishing in the money.
- Position delta = contracts × multiplier × delta: your equivalent exposure.
- Gamma is highest at the money near expiry; buyers are long gamma, sellers short gamma.
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Next lesson: Theta and vega
Educational information only - not financial advice.