Delta, ITM, ATM & OTM Explainer

Drag the sliders to see how the stock price, strike price, and time to expiry affect Delta and option moneyness in real time.

Live Delta calculator
$200
$200
60 days
Call Delta
|Put Delta| (absolute value)
Call Delta rises from near 0 (deep OTM) to near 1 (deep ITM). Put Delta mirrors it below zero.
Side-by-side comparison (K = $200, 60 days, IV = 30%)
Market maker Delta hedging
100
Key rules to remember
ITM — In the Money
Call: S > K → has intrinsic value
Put: S < K → has intrinsic value
Delta closer to 1.0 (Call) or −1.0 (Put)
High exercise probability
ATM — At the Money
S ≈ K → intrinsic value ≈ $0
All value is time value
Delta ≈ ±0.5
~50% exercise probability
OTM — Out of the Money
Call: S < K → intrinsic value = $0
Put: S > K → intrinsic value = $0
Delta closer to 0
Low exercise probability