™A call with estimated delta 0.5 has a local model sensitivity of about $0.50 per share to a small $1 underlying move, holding other inputs constant.
Options
Delta
An estimate of how much an option’s price may change for a one-unit move in the underlying, all else equal.
Plain-English context
Put the definition to work.
Delta is a local model sensitivity, not a fixed hedge ratio across a large move or a guaranteed exercise probability.
Further reading and verification. Examples are hypothetical, not current quotes or recommendations. Product terms, tax treatment and market rules can change. OIC — Understanding the Greeks