Risk & Positioning
Delta Exposure Calculator
Convert signed option Delta into underlying-unit exposure and approximate delta notional.
About this calculator
How to use this tool
Use the Delta of the long option: calls typically positive and puts negative. Selecting short reverses the sign. Multiply by contracts and units per contract to obtain equivalent underlying exposure.
This is a local first-order approximation. Gamma changes Delta as the underlying moves, and equal Delta does not mean equal tail risk or cash investment. Notional is not maximum loss or margin.
Worked example
Three long calls with Delta 0.40 and multiplier 100 give +120 share equivalents. At $50 spot, delta notional is $6,000.
Related tools
Model references and conventions
365 calendar days per year. Continuous rates for theoretical pricing. All examples are illustrative.
