How Does Delta “Decay” as an Option Approaches Expiration?

Delta does not decay in the same way as time value (Theta decay), but its sensitivity to underlying price changes increases dramatically near expiration. For OTM options, Delta rapidly moves towards 0.

For ITM options, Delta rapidly moves towards 1 (or -1). This non-linear change is a result of high Gamma near expiration, which magnifies the effect of small price changes on the option's probability of expiring ITM.