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training_data/curated/text/35af36520ea78ddf0c8e3c5dbe9a4bf10779f3bf6d3f92c96e09636a9dd8382c.txt

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+Chapter 25: LEAPS 389 
+delta indicate that the January 90 LEAPS will move by a larger percentage than the 
+January 80 and therefore would be the better buy. 
+PUT DELTAS 
+Many of the previous observations regarding deltas of LEAPS calls can be applied to 
+LEAPS puts as well. However, Figure 25-5 changes a little when the following for­
+mula is applied. Recall that the relationship between put deltas and call deltas, except 
+for deeply in-the-money puts, is: 
+Put delta = Call delta - 1 
+This has the effect of inverting the relationships that have just been described. 
+In other words, while the short-term calls didn't move as fast as the LEAPS, the 
+short-term puts nwve fa,ster than the LEAPS puts in nwst cases. Figure 25-6 shows 
+the deltas of these options. 
+The vertical axis shows the puts' delta. Notice that out-of-the-money LEAPS 
+puts and short-term equity puts don't behave very differently in terms of price 
+change (bottom right-hand section offigure). 
+In-the-money puts (when the stock is below the striking price) move faster if 
+they are shorter-term. This fact is accentuated even more when the puts are more 
+deeply in-the-money. The left-hand side of the figure depicts this fact. 
+FIGURE 25-6. 
+Put delta comparison, 2-year LEAPS versus 3-month equity options. 
+90 
+80 
+70 t= 3 months 
+0 60 
+0 
+1 50 
+X 
+Jg 40 
+Q) 
+0 
+30 
+20 
+10 
+O 70 80 90 100 110 120 130 
+Stock Price