·         Delta Neutral still requires that you manage the time decay.

·         Longer term options will normally have lower deltas than shorter term options.

·         Delta is primarily affected by time left to expiration and price of the underlying stock.

·         With call options, delta increases as the underlying stock price increase. Call deltas are always positive. Note that when you sell a call, your position is delta negative.

·         With put options, delta decreases as the underlying asset price increases. Put deltas are always negative. Note that when you sell a put naked your position is delta positive.

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