Exercise 18 · 15 min

Net the condor, then move the market

Time: 25 to 35 minutes · You'll need: a calculator or spreadsheet · Builds on: Lesson 18

Warm-up

Check yourself

You buy a call with delta 0.30 and sell a call with delta 0.45 on the same underlying and expiration, one contract each. What is the spread's net delta per share?

Check yourself

Which sign does a short option contribute to a position's theta and vega?

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