Here's how it works in practice: if you're long a call option with a Delta of +0.60, you're effectively long 60 shares worth of exposure for every contract. To neutralize that, you could short 60 shares of the underlying stock. The result is a delta-neutral position.Delta hedging is a technique used by traders and market makers to create a position that is largely immune to small directional moves in the underlying asset.For option sellers, Delta is also useful as a rough probability proxy. A short put with ...