{"slug":"what-is-option-delta","qid":"delta_ladder","label":"Call delta by moneyness: the S-curve (SPY, ~30 days out, 2026-07-13)","post_title":"What Is Option Delta? A Plain-English Guide","post_url":"/blog/what-is-option-delta#q-delta_ladder","columns":["moneyness","avg_delta"],"rows":[{"moneyness":"deep ITM (>4% in)","avg_delta":0.87},{"moneyness":"ITM (1.5-4% in)","avg_delta":0.71},{"moneyness":"ATM (within 1.5%)","avg_delta":0.53},{"moneyness":"OTM (1.5-4% out)","avg_delta":0.26},{"moneyness":"deep OTM (>4% out)","avg_delta":0.05}],"shape":"ranking","sql":"SELECT multiIf((strike_price/underlying_close-1)<-0.04,'deep ITM (>4% in)',\n               (strike_price/underlying_close-1)<-0.015,'ITM (1.5-4% in)',\n               (strike_price/underlying_close-1)<0.015,'ATM (within 1.5%)',\n               (strike_price/underlying_close-1)<0.04,'OTM (1.5-4% out)',\n               'deep OTM (>4% out)') AS moneyness,\n       round(avg(delta), 2) AS avg_delta\nFROM global_markets.options_greeks\nWHERE date = '2026-07-13' AND underlying_symbol = 'SPY' AND option_type = 'C'\n  AND days_to_expiry BETWEEN 25 AND 40\nGROUP BY moneyness ORDER BY avg(strike_price/underlying_close)","computed_at":"2026-07-15T06:07:49.153083+00:00","elapsed":0.002532707}