What Is a “Synthetic Long” Position Created Using Delta and the Underlying?

A synthetic long position replicates the payoff of a long position in the underlying asset without actually owning it. It can be created by buying an At-the-Money (ATM) call option and simultaneously selling an ATM put option with the same strike and expiration.

Alternatively, a deep ITM call option with a Delta near 1 acts as a synthetic long position due to its dollar-for-dollar movement with the underlying.