What Is the Delta of an Option and How Does It Relate to the Strike Price?

Delta is one of the option Greeks and measures the option’s price sensitivity to a $1 change in the underlying cryptocurrency’s price. It ranges from 0 to 1 for calls and -1 to 0 for puts.

Delta is highest (closest to 1 or -1) for deep in-the-money options, as they behave almost like the underlying asset. Delta is lowest (closest to 0) for deep out-of-the-money options.

At-the-money options have a delta close to 0.5 or -0.5.