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Hi Paul,

Hampton has sent you the url you requested. Also, go to my post, 3743, and you will find about 6 more urls.

I have been reading "McMillan's on Options". At page 34, McMillan states "The delta of an option measures how much the option changes in price when the underlying moves one point". McMillan goes on to point out that there is a relationship between the underlying stock price and the price of an option.
(At some point in time, you may choose to buy or sell spreads, staddles, and strangles--all of which are particular combinations of puts and calls. When you start measuring and adjusting volatilities of the transaction, a strategy may including attempting try to achieve delta and gamma "neutral" so that you can maximize profit.)
Good hunting.

John Ormiston
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