The Four That MatterHow much does this move with the stock?

How much the option's price moves for a $1 move in the stock — and, read as an absolute value, the closest thing to a rough odds-of-assignment number the market will give you.

Where you see it: The Assign column in your journal, the assignment-odds line on AI Trader position cards, and the delta on every option-chain row.

Delta is the first derivative of the option's price with respect to the stock's price: if delta is 0.30, a $1 move in the stock moves the option about $0.30, per share. Multiply by 100 to get it per contract, so that same $1 move is worth roughly $30 on one contract.

A call's delta runs from 0 to +1. A put's runs from 0 to −1. Deep in-the-money options approach 1 in absolute terms, because they start behaving like the stock itself; far out-of-the-money options approach 0, because a dollar of stock movement barely registers. An at-the-money option sits near 0.50.

Delta also has a second, more useful reading for a wheel seller: |delta| approximates the probability the option finishes in the money. A 30-delta put is, very roughly, a 30% chance of assignment. This is an approximation and not a probability — it drifts from true P(ITM) because of volatility skew, and it compresses toward 0 or 100 as expiry approaches — but it is the number desks reach for, and it is what the Assign column shows.

Because you are SHORT the contract, your position's delta is the opposite sign to what a chain quotes. A short put has POSITIVE delta: it profits when the stock rises, which is the same direction as owning shares. That inversion catches everyone once.

Multiply delta by 100 and by your contract count to get share-equivalent exposure. Three short puts at 0.22 delta behave like being long about 66 shares of the stock — that is the figure the journal's tooltip calls equivalent shares.

Delta is not static. As the stock falls toward a put's strike, that put's delta rises: the position becomes more stock-like exactly when you would prefer it did not. The rate of that change is gamma.

Delta rises as expiry approaches for an in-the-money option and falls for an out-of-the-money one. On expiry day it is effectively binary — 1 or 0.

Delta is how a strike gets chosen. The conservative, balanced and aggressive strike tiers on this platform are delta bands: roughly 10–19, 20–29 and 30–45. A lower-delta strike sits further from the money and pays less; a higher-delta strike pays more and lands closer to assignment. That trade-off is the whole decision, stated in one number.

Read as odds, delta describes how likely a strike is to become stock. On the wheel that is not automatically bad — assignment at a price you were content to own is the mechanism working, not failing — so a high-delta reading is information about what is likely to happen, not a warning that something is wrong.

At the book level, summing share-equivalent delta shows net directional exposure. A put-heavy book reads positive, which is the expected posture for selling puts; covered calls pull it back toward neutral. The Theta / day and Net delta strip above your journal table is that sum for whichever accounts you have selected.

Like everything in this guide, these are descriptions of conditions and reference levels — context for your own decisions, not instructions to trade.