Options question, page-18

re: Options question - My Monies worth. Essentially Delta - "the neutral hedge ratio" - is the rate of change in option price due to a change in price of the underlying security. Positive for calls, 0 to 1 and negative for puts, 0 to-1.

The delta of an option can also be used as a measure of its probability of exercise. The higher it is the more the likelyhood of exercise.

Observation
Usually deep in the money options with less time value will have a higher delta than those at the money and out of the money.