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+100 Part II: Call Option Strategies 
+Example: The delta of a call option is close to 1 when the underlying stock is well 
+above the striking price of the call. If XYZ were 60 and the XYZ July 50 call were 
+101/s, the call would change in price by nearly 1 point ifXYZ moved by 1 point, either 
+up or down. A deeply out-of-the-money call has a delta of nearly zero. If XYZ were 
+40, the July 50 call might be selling at¼ of a point. The call would change very little 
+in price if XYZ moved by one point, to either 41 or 39. When the stock is at the strik­
+ing price, the delta is usually between one-half of a point and five-eighths of a point. 
+Very long-term calls may have even larger at-the-money deltas. Thus, if XYZ were 50 
+and the XYZ July 50 call were 5, the call might increase to 5½ if XYZ rose to 51 or 
+decrease to 4½ if XYZ dropped to 49. 
+Actually, the delta changes each time the underlying stock changes even frac­
+tionally in price; it is an exact mathematical derivation that is presented in a later 
+chapter. This is most easily seen by the fact that a deep in-the-money option has a 
+delta of 1. However, if the stock should undergo a series of I-point drops down to the 
+striking price, the delta will be more like½, certainly not 1 any longer. In reality, the 
+delta changed instantaneously all during the price decline by the stock. For those 
+who are geometrically inclined, the preceding option price curve is useful in deter­
+mining a graphic representation of the delta. The delta is the slope of the tangent line 
+to the price curve. Notice that a deeply in-the-money option lies to the upper right 
+side of the curve, very nearly on the intrinsic value line, which has a slope of 1 above 
+the strike. Similarly, a deeply out-of-the-money call lies to the left on the price curve, 
+again near the intrinsic value line, which has a slope of zero below the strike. 
+Since it is more common to relate the option's price change to a full point 
+change in the underlying stock (rather than to deal in "instantaneous" price changes), 
+the concepts of up delta and down delta arise. That is, if the underlying stock moves 
+up by 1 full point, a call with a delta of .50 might increase by 5/s. However, should the 
+stock fall by one full point, the call might decrease by only 3/s. There is a different net 
+price change in the call when the stock moves up by 1 full point as opposed to when 
+it falls by a point. The up delta is observed to be 5/s while the down delta is 3/s. In the 
+true mathematical sense, there is only one delta and it measures "instantaneous" 
+price change. The concepts of up delta and down delta are practical, rather than the­
+oretical, concepts that merely illustrate the fact that the true delta changes whenev­
+er the stock price changes, even by as little as 1 point. In the following examples and 
+in later chapters, only one delta is referred to. 
+The delta is an important piece of information for the call buyer because it can 
+tell him how much of an increase or decrease he can expect for short-term moves by 
+the underlying stock. This piece of information may help the buyer decide which call 
+to buy.