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training_data/curated/text/509af93635d3883f340fcc6501010e2a58fd1a01b1a0ab10cd6bbc266be4a5f6.txt

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+Moneyness and Delta
+The next observation is the effect of moneyness on the option’s delta.
+Moneyness describes the degree to which the option is in- or out-of-the-
+money. As a general rule, options that are in-the-money (ITM) have deltas
+greater than 0.50. Options that are out-of-the-money (OTM) have deltas
+less than 0.50. Finally, options that are at-the-money (ATM) have deltas that
+are about 0.50. The more in-the-money the option is, the closer to 1.00 the
+delta is. The more out-of-the-money, the closer the delta is to 0.
+But ATM options are usually not exactly 0.50. For ATMs, both the call
+and the put deltas are generally systematically a value other than 0.50.
+Typically, the call has a higher delta than 0.50 and the put has a lower
+absolute value than 0.50. Incidentally, the call’s theoretical value is
+generally greater than the put’s when the options are right at-the-money as
+well. One reason for this disparity between exactly at-the-money calls and
+puts is the interest rate. The more time until expiration, the more effect the
+interest rate will have, and, therefore, the higher the call’s theoretical and
+delta will be relative to the put.