What Is the Mathematical Formula for Delta?

Delta is the first-order derivative of the option price with respect to the underlying asset's price. Mathematically, it is represented as $partial V / partial S$, where $V$ is the option's value and $S$ is the underlying asset's price.

In the Black-Scholes model, it involves the cumulative standard normal distribution function of the d1 term. It ranges from 0 to 1 for calls and -1 to 0 for puts.