Define ‘Delta’ in the Context of Options Greeks

Delta is one of the primary options Greeks, representing the sensitivity of the option's price to a $1 change in the price of the underlying asset. It is expressed as a value between 0 and 1 for calls, and -1 and 0 for puts.

A delta of 0.50 for a call option means the option's price is expected to increase by $0.50 for every $1 increase in the underlying asset's price. It is crucial for delta hedging.