# A Strategic Guide to Delta-Neutral Investing ▴ Guide

**Published:** 2025-08-04
**Categories:** Guide

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## The Point of Neutrality

Delta-neutral investing represents a sophisticated method for constructing a portfolio immune to minor shifts in the price of an [underlying asset](https://prime.greeks.live/question/does-the-underlying-assets-liquidity-profile-determine-the-optimal-execution-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The foundational element of this approach is delta, a metric that quantifies an option’s price sensitivity to a one-dollar change in its underlying security. A position engineered for [delta neutrality](https://prime.greeks.live/question/how-do-optimization-services-maintain-a-firms-market-neutrality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) combines various assets, typically options and their underlying stock, to produce a consolidated delta of zero. This construction deliberately moves the performance driver away from directional accuracy.

A portfolio with a zero delta has its value preserved during small up or down price movements in the associated asset. This stability allows a strategist to isolate and act upon other market dynamics. The objective becomes to generate returns from quantifiable factors such as the passage of time or fluctuations in market consensus about [future price swings](https://prime.greeks.live/question/how-can-post-trade-data-analysis-be-used-to-systematically-improve-future-rfq-execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), known as [implied volatility](https://prime.greeks.live/area/implied-volatility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

Achieving this state of balance requires a precise understanding of how different positions interact. A holding of 100 shares of a stock inherently possesses a delta of +100. Call options have a positive delta, moving in concert with the stock, while [put options](https://prime.greeks.live/area/put-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) possess a negative delta, moving inversely. A [delta-neutral strategy](https://prime.greeks.live/question/can-high-latency-invalidate-the-assumptions-behind-a-delta-neutral-options-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) skillfully combines these positive and negative delta positions.

The result is a carefully calibrated portfolio where the upward pull of one component is matched by the downward pull of another. This equilibrium is the core of the strategy. It creates a platform from which to engage with the market’s second-order effects. Experienced traders use this method to structure positions that benefit from specific market conditions, such as periods of high uncertainty or anticipated calm. The technique transforms an investment portfolio from a simple directional bet into a fine-tuned instrument designed to perform in specific, predefined scenarios.

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## Calibrating the Volatility Engine

Deploying a delta-neutral strategy is an exercise in financial engineering, where specific outcomes are targeted through precise structural design. These structures are assembled to capture value from anticipated changes in implied volatility or the consistent decay of option premium over time. Each strategy serves a distinct purpose and is suited to a particular market outlook. The execution requires discipline and a clear-eyed view of the intended profit source.

Success depends on selecting the correct structure for the market environment and managing the position actively as conditions evolve. The following are foundational strategies for applying the principles of delta neutrality.

> A delta-neutral portfolio’s immunity to small price changes allows a trader to isolate and capitalize on changes in implied volatility or the relentless decay of an option’s time value.

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## The Long Straddle Volatility Acquisition

A [long straddle](https://prime.greeks.live/area/long-straddle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the quintessential strategy for positioning for a significant price movement when the direction of that move is unknown. It is a direct wager on an expansion in volatility. The structure is built by purchasing one at-the-money (ATM) call option and one ATM put option on the same underlying asset with the same expiration date.

The ATM call will have a delta of approximately +0.50, and the ATM put will have a delta of approximately -0.50. Their combination results in an initial position delta of zero.

This balanced posture ensures the position’s value is initially unaffected by minor price drifts. The profit engine is a sharp price swing in either direction, pushing one of the options deep into the money, or a substantial increase in implied volatility, which raises the value of both options. This makes the long straddle a preferred tool ahead of binary events with uncertain outcomes.

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## Ideal Conditions for Deployment

- 
Anticipated News Events A corporate earnings announcement, a regulatory decision, or the release of clinical trial data can all introduce significant price volatility.

- 
Low Implied Volatility Environments When market expectations for future price swings are low, option premiums are relatively inexpensive, presenting a favorable entry point for buying volatility.

- 
Breakout Scenarios An asset trading within a tight price range may be coiled for a powerful move, and a long straddle positions a trader to benefit from that release of energy.

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## The Short Straddle Premium Harvesting

The [short straddle](https://prime.greeks.live/area/short-straddle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) operates as the direct inverse of its long counterpart, designed to generate income in markets defined by stability and declining volatility. This strategy involves selling an ATM call and an ATM put on the same underlying with the same expiration. The initial delta is neutral, but the position benefits from the passage of time and a contraction in implied volatility.

The maximum profit is the total premium collected from selling both options, which is realized if the underlying asset’s price is exactly at the strike price at expiration. The primary risk is a large price move in either direction, which exposes the seller to potentially unlimited losses.

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## Strategic Application Framework

This strategy is best suited for periods of expected market calm. Following a major volatility event, implied volatility is often elevated and poised to decline as certainty returns to the market. A short straddle is an effective tool for capturing this reversion.

The consistent decay of [time value](https://prime.greeks.live/area/time-value/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), or theta, provides a steady tailwind to the position’s profitability each day the [underlying asset remains](https://prime.greeks.live/question/does-the-underlying-assets-liquidity-profile-determine-the-optimal-execution-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) stable. It is a strategy for systematically harvesting premium from the market.

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## The Protective Hedge Insulating Core Holdings

Delta neutrality also serves as a powerful [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) tool for insulating a core stock holding from short-term downside. An investor with a long-term bullish view on a stock may still wish to protect the position from a temporary market correction. A delta-neutral hedge accomplishes this.

For a portfolio of 100 shares of stock (total delta of +100), a trader can purchase two ATM put options, each with a delta of approximately -0.50. The combined delta of the two puts is -100, bringing the total portfolio delta to zero.

This structure acts as a form of insurance. If the [stock price](https://prime.greeks.live/question/how-has-the-rise-of-systematic-internalisers-changed-the-competitive-landscape-for-traditional-stock-exchanges/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) falls, the gains on the put options offset the losses on the stock. If the [stock price rises](https://prime.greeks.live/question/how-has-the-rise-of-systematic-internalisers-changed-the-competitive-landscape-for-traditional-stock-exchanges/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the puts will expire worthless, and the stock position continues to appreciate, with the cost of the puts being the price of the protection. This allows an investor to maintain their long-term position with confidence, knowing that a risk management structure is in place to absorb short-term shocks.

| Strategy Component | Long Straddle | Short Straddle |
| --- | --- | --- |
| Market View | High Volatility Expected | Low Volatility Expected |
| Primary Profit Source | Volatility Expansion / Large Price Move | Time Decay / Volatility Contraction |
| Risk Profile | Defined Risk (Premium Paid) | Undefined Risk |
| Implied Volatility Preference | Buy when IV is low | Sell when IV is high |

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## Beyond Direction the Systemic Edge

Mastering delta-neutral strategies involves graduating from executing individual trades to managing a dynamic portfolio system. This advanced application requires an awareness of the interplay between all the [options Greeks](https://prime.greeks.live/area/options-greeks/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the metrics that describe an option’s sensitivity to various market factors. A truly sophisticated strategist looks beyond the initial delta-neutral state and manages the portfolio’s exposure to gamma, vega, and theta. This is about building a robust, all-weather portfolio engine designed for consistent performance.

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## Gamma the Architecture of Stability

Gamma measures the rate of change of an option’s delta. In a delta-neutral position, gamma dictates how quickly the position will lose its neutrality as the underlying asset’s price moves. A position with high positive gamma will see its delta increase rapidly as the stock price rises and decrease as it falls. This is characteristic of long option positions like the long straddle.

Managing gamma is the practice of rebalancing. As the underlying price moves, a strategist must adjust the hedge by buying or selling shares of the underlying asset or other options to return the portfolio’s delta to zero. This [dynamic hedging](https://prime.greeks.live/area/dynamic-hedging/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the hallmark of a professional approach, ensuring the position’s integrity is maintained throughout its life.

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## Vega Commanding the Volatility Factor

Vega quantifies a position’s sensitivity to changes in implied volatility. A delta-neutral strategy can be designed to be “long vega” or “short vega.” A long straddle is a long vega position; its value increases as implied volatility rises. A short straddle is a short vega position; it profits as implied volatility falls. An advanced strategist can construct a portfolio that is neutral to price direction but has a clear directional bias on volatility.

This allows for direct speculation on the market’s future uncertainty. For example, a portfolio manager might construct a delta-neutral, long-vega portfolio ahead of a period of anticipated geopolitical tension, positioning to profit from the resulting market anxiety.

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## Theta the Systematic Generation of Alpha

Theta represents the rate of an option’s time decay. It is the component of an option’s price that erodes with each passing day. Delta-neutral strategies, particularly those involving selling premium like the short straddle, are designed to systematically harvest this [theta decay](https://prime.greeks.live/area/theta-decay/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). By neutralizing the risk of price movement, the strategist isolates the time value of the options.

The position generates a small amount of profit each day, so long as the underlying asset remains within a defined range. This approach transforms options trading from a speculative activity into a methodical, income-generating process. It is akin to operating a financial instrument that pays a daily dividend, contingent on market stability.

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## The Strategist’s Mindset

Adopting a delta-neutral framework is a fundamental shift in market perspective. It moves the operator from the crowded arena of price prediction into the sophisticated domain of volatility and time arbitrage. The principles learned here are the building blocks of a professional risk management and return generation system.

You now possess the conceptual tools to engineer portfolios that are not merely exposed to the market, but are designed to perform within it, on your own terms. This is the foundation of a more resilient, intelligent, and proactive approach to navigating the complex dynamics of modern financial markets.

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## Glossary

<a href="https://prime.greeks.live/question/does-the-underlying-assets-liquidity-profile-determine-the-optimal-execution-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Underlying Asset

An asset's liquidity profile is the primary determinant, dictating the strategic balance between market impact and timing risk. </a><a href="https://prime.greeks.live/question/how-do-optimization-services-maintain-a-firms-market-neutrality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Delta Neutrality

Optimization services maintain market neutrality by using quantitative models to build a precise hedge against systemic market risks. </a><a href="https://prime.greeks.live/question/how-can-post-trade-data-analysis-be-used-to-systematically-improve-future-rfq-execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Future Price Swings

Post-trade data analysis systematically improves RFQ execution by creating a feedback loop that refines future counterparty selection and protocol. </a><a href="https://prime.greeks.live/area/implied-volatility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Implied Volatility

Meaning ▴ Implied Volatility quantifies the market's forward expectation of an asset's future price volatility, derived from current options prices. </a><a href="https://prime.greeks.live/question/can-high-latency-invalidate-the-assumptions-behind-a-delta-neutral-options-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Delta-Neutral Strategy

High latency invalidates the core assumption of instantaneous, frictionless hedging, turning a delta-neutral strategy into a high-risk gamble. </a><a href="https://prime.greeks.live/area/put-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Put Options

Meaning ▴ A put option grants the holder the right, not obligation, to sell an underlying asset at a specified strike price by expiration. </a><a href="https://prime.greeks.live/area/long-straddle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Long Straddle

Meaning ▴ A Long Straddle constitutes the simultaneous acquisition of an at-the-money (ATM) call option and an at-the-money (ATM) put option on the same underlying asset, sharing identical strike prices and expiration dates. </a><a href="https://prime.greeks.live/area/short-straddle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A Prime RFQ interface for institutional digital asset derivatives displays a block trade module and RFQ protocol channels. Its low-latency infrastructure ensures high-fidelity execution within market microstructure, enabling price discovery and capital efficiency for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-engine-high-fidelity-execution-digital-asset-derivatives.jpg)

## Short Straddle

Meaning ▴ A Short Straddle represents a neutral options strategy constructed by simultaneously selling both an at-the-money (ATM) call option and an at-the-money (ATM) put option on the same underlying digital asset, with identical strike prices and expiration dates. </a><a href="https://prime.greeks.live/question/does-the-underlying-assets-liquidity-profile-determine-the-optimal-execution-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Underlying Asset Remains

An asset's liquidity profile is the primary determinant, dictating the strategic balance between market impact and timing risk. </a><a href="https://prime.greeks.live/area/time-value/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Time Value

Meaning ▴ Time Value represents the extrinsic component of an option's premium, quantifying the portion of its market price that exceeds its immediate intrinsic value. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision institutional interface features a vertical display, control knobs, and a sharp element. This RFQ Protocol system ensures High-Fidelity Execution and optimal Price Discovery, facilitating Liquidity Aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-interface.jpg)

## Risk Management

Meaning ▴ Risk Management is the systematic process of identifying, assessing, and mitigating potential financial exposures and operational vulnerabilities within an institutional trading framework. </a><a href="https://prime.greeks.live/question/how-has-the-rise-of-systematic-internalisers-changed-the-competitive-landscape-for-traditional-stock-exchanges/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Stock Price Rises

Systematic Internalisers re-architected market competition by offering principal-based, discrete execution, challenging exchanges on price and market impact. </a><a href="https://prime.greeks.live/question/how-has-the-rise-of-systematic-internalisers-changed-the-competitive-landscape-for-traditional-stock-exchanges/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek device showcases a rotating translucent teal disc, symbolizing dynamic price discovery and volatility surface visualization within an RFQ protocol. Its numerical display suggests a quantitative pricing engine facilitating algorithmic execution for digital asset derivatives, optimizing market microstructure through an intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-for-digital-asset-rfq-execution-system-with-smart-liquidity-routing.jpg)

## Stock Price

Systematic Internalisers re-architected market competition by offering principal-based, discrete execution, challenging exchanges on price and market impact. </a><a href="https://prime.greeks.live/area/options-greeks/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Options Greeks

Meaning ▴ Options Greeks are a set of quantitative metrics that measure the sensitivity of an option's price to changes in underlying market parameters. </a><a href="https://prime.greeks.live/area/dynamic-hedging/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic blade signifies high-fidelity execution and smart order routing, piercing a complex Prime RFQ orb. Within, market microstructure, algorithmic trading, and liquidity pools are visualized](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-precision.jpg)

## Dynamic Hedging

Meaning ▴ Dynamic hedging defines a continuous process of adjusting portfolio risk exposure, typically delta, through systematic trading of underlying assets or derivatives. </a><a href="https://prime.greeks.live/area/theta-decay/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Theta Decay

Meaning ▴ Theta decay quantifies the temporal erosion of an option's extrinsic value, representing the rate at which an option's price diminishes purely due to the passage of time as it approaches its expiration date. </a>

**Tags:** [Theta Decay](https://options.greeks.live/area/theta-decay/), [Risk Management](https://options.greeks.live/area/risk-management/), [Long Straddle](https://options.greeks.live/area/long-straddle/), [Vega Trading](https://options.greeks.live/area/vega-trading/), [Short Straddle](https://options.greeks.live/area/short-straddle/), [Gamma Hedging](https://options.greeks.live/area/gamma-hedging/)	

## Discover More

- 
### [Why Professional Traders Use Multi-Leg Options Strategies](https://options.greeks.live/guide/why-professional-traders-use-multi-leg-options-strategies/)
![Three parallel diagonal bars, two light beige, one dark blue, intersect a central sphere on a dark base. This visualizes an institutional RFQ protocol for digital asset derivatives, facilitating high-fidelity execution of multi-leg spreads by aggregating latent liquidity and optimizing price discovery within a Prime RFQ for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-best-execution-multi-leg-spreads-latent-liquidity-aggregation.jpg)

Master multi-leg options to engineer defined-risk outcomes and transform your trading from speculation to systematic strategy.

- 
### [The Strangle Strategy Capturing Big Moves with Less Capital](https://options.greeks.live/guide/the-strangle-strategy-capturing-big-moves-with-less-capital/)
![A central, intricate blue mechanism, evocative of an Execution Management System EMS or Prime RFQ, embodies algorithmic trading. Transparent rings signify dynamic liquidity pools and price discovery for institutional digital asset derivatives. Background diagonals abstractly depict market microstructure optimization via RFQ protocols ensuring high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-framework-driving-high-fidelity-rfq-execution-and-optimized-market-microstructure-for-capital-efficiency.jpg)

The Strangle Strategy: A professional framework for capturing explosive market moves with defined risk and less capital.

- 
### [How to Use Straddles and Strangles for Explosive Market Events](https://options.greeks.live/guide/how-to-use-straddles-and-strangles-for-explosive-market-events/)
![A cutaway view reveals the intricate core of an institutional-grade digital asset derivatives execution engine. The central price discovery aperture, flanked by pre-trade analytics layers, represents high-fidelity execution capabilities for multi-leg spread and private quotation via RFQ protocols for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-engine-for-high-fidelity-execution-and-price-discovery-on-volatility-surface.jpg)

Harness explosive market events by trading volatility itself, independent of price direction.

- 
### [A Professional Guide to Market Neutral Investing](https://options.greeks.live/guide/a-professional-guide-to-market-neutral-investing/)
![A sophisticated digital asset derivatives RFQ engine's core components are depicted, showcasing precise market microstructure for optimal price discovery. Its central hub facilitates algorithmic trading, ensuring high-fidelity execution across multi-leg spreads. This system supports institutional prime brokerage operations, minimizing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-multi-leg-spreads-for-optimal-capital-efficiency.jpg)

Engineer a portfolio insulated from market chaos, built to generate returns on its own terms.

- 
### [Why Professionals Trade Volatility Instead of Just Direction](https://options.greeks.live/guide/why-professionals-trade-volatility-instead-of-just-direction/)
![A dynamic composition depicts an institutional-grade RFQ pipeline connecting a vast liquidity pool to a split circular element representing price discovery and implied volatility. This visual metaphor highlights the precision of an execution management system for digital asset derivatives via private quotation.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-pipeline-for-precise-price-discovery-and-volatility-surface-analysis.jpg)

Master the market's energy by trading volatility, the dimension beyond price direction where professionals engineer returns.

- 
### [How to Build an Income Machine with Defined-Risk Iron Condors](https://options.greeks.live/guide/how-to-build-an-income-machine-with-defined-risk-iron-condors/)
![A precision-engineered apparatus with a luminous green beam, symbolizing a Prime RFQ for institutional digital asset derivatives. It facilitates high-fidelity execution via optimized RFQ protocols, ensuring precise price discovery and mitigating counterparty risk within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-execution.jpg)

Build a consistent income stream with a defined-risk system engineered to profit from market stability and time decay.

- 
### [The Ultimate Guide to Understanding Options Greeks](https://options.greeks.live/guide/the-ultimate-guide-to-understanding-options-greeks/)
![Crossing reflective elements on a dark surface symbolize high-fidelity execution and multi-leg spread strategies. A central sphere represents the intelligence layer for price discovery. Illuminated arcs denote distinct liquidity pools and the volatility surface, optimizing institutional digital asset derivatives RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/precision-algorithmic-trading-across-intersecting-liquidity-pools-for-institutional-digital-asset-derivatives-rfq-protocols.jpg)

Master the language of the market; the Greeks are your guide to precision in options trading.

- 
### [How Does the Choice of Option Expiration Dates Affect the Dealer’s Overall Risk Profile for a Collar?](https://options.greeks.live/question/how-does-the-choice-of-option-expiration-dates-affect-the-dealers-overall-risk-profile-for-a-collar/)
![A sleek metallic teal execution engine, representing a Crypto Derivatives OS, interfaces with a luminous pre-trade analytics display. This abstract view depicts institutional RFQ protocols enabling high-fidelity execution for multi-leg spreads, optimizing market microstructure and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-protocol-engine-for-high-fidelity-execution-and-market-microstructure-analysis.jpg)

The choice of option expiration date dictates whether a dealer's collar risk is a high-frequency gamma problem or a strategic vega challenge.

- 
### [Mastering Delta-Neutrality to Profit from Volatility, Not Direction](https://options.greeks.live/guide/mastering-delta-neutrality-to-profit-from-volatility-not-direction/)
![Interlocking transparent and opaque geometric planes on a dark surface. This abstract form visually articulates the intricate Market Microstructure of Institutional Digital Asset Derivatives, embodying High-Fidelity Execution through advanced RFQ protocols. It symbolizes Aggregated Inquiry, optimal Liquidity Pool access, and Atomic Settlement within a Principal OS.](https://options.greeks.live/wp-content/uploads/2025/07/geometric-abstraction-of-institutional-digital-asset-derivatives-market-microstructure-driving-high-fidelity-execution-via-principal-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

Profit from market chaos by trading volatility, the powerful force driving price, independent of its direction.

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---

**Original URL:** https://options.greeks.live/guide/a-strategic-guide-to-delta-neutral-investing/
