Delta Tilt — how much stock the options stand for
Delta says how much an option behaves like the stock. This page shows the book's delta by strike, whether the contracts near the price lean to calls or puts (the δ tilt), how that lean changed over time, what delta costs on each side, and the IV smile.
New words? Glossary → Greeks. The top strip works as on every ticker page.
In 30 seconds
- Read δ tilt near spot: + means calls own the near-price delta, − means puts do — and its z says if that is unusual for this ticker.
- Look at The δ ladder today: big green just above the price = heavy call delta close by; big red just below = heavy put delta.
- Check What delta costs: is the put dearer than the call at the same delta?
The tiles
The anchor band ±% box (2 / 3 / 5 / 8 / 12 / 25 %, default 5 %) decides which strikes count as "near the price" for today's tiles and the ladder. The lines over time keep their fixed ±5 % band so days stay comparable.
| Tile | How to read it |
|---|---|
| δ tilt near spot | Mean call δ + mean put δ of the near strikes. + = calls own it · − = puts do. |
| Price of delta | How much more the 25-delta call costs than the 25-delta put (+) or the put than the call (−), at 30 days. It is almost always negative — see What delta costs; read the "skew adds" number in the small text. |
| Net δ$ near spot | Dollar delta of calls + puts in the band, and the share (−1 all puts … +1 all calls). |
| Book delta | The stored DEX over every expiry, and how much of it sits in the band. |
| δ$ crosses zero at | The strike where the ladder, as it stands today, changes sign. |
| δ flip (repriced) | Where the book's delta would cross zero if the price moved there — a different question from the tile before; the two often disagree. |
| Strike skew | IV below the price minus IV above (open-interest weighted in the band). + = downside strikes dearer. |
| Parity check | Call IV minus put IV near the price. They should match within about 1 point; a bigger gap means the quotes are off, not a view. |
| Heaviest δ$ | The strike with the most net dollar delta, and the heaviest call-side and put-side strikes. |
| δ$ share | Meaning |
|---|---|
| +0.5 to +1 | Near-price delta is mostly calls. |
| −0.2 to +0.2 | Balanced. |
| −1 to −0.5 | Mostly puts. |
Compare with the z chip: a ticker whose share is always +0.6 is not "bullish" every day.
The δ ladder today
Dollar delta by strike: call δ$ above zero, put δ$ below, the net line, and marks for the price, call wall, put wall, γ flip and max pain.
| You see | Meaning |
|---|---|
| big green area just above the price | Heavy call delta close to the price. |
| big red area just below the price | Heavy put delta close to the price (protection, or put selling). |
| net line crossing zero near the price | The price sits where the book's delta balances. |
The ladder by expiry bucket
The same net ladder split into 0–14, 15–45, 46–180 and 181 + days. The four lines add up to the whole ladder.
Spot-anchored, over time
Pick a view:
| View | What it shows |
|---|---|
| per-contract δ | Mean call δ (green), mean |put δ| (red) and the tilt. Red above green = the average put is closer to the money than the average call. |
| δ dollars | Call, put and net dollars. It grows with the size of the book — use the share view to compare periods. |
| share and skew | Not tied to size: δ$ share (−1…+1) and strike skew (vol points). |
| price of delta | The 25Δ call against the 25Δ put at 30 days, every day: the raw % (blue), what a chain with no opinion would read (the dashed floor), and the gap between them. |
What delta costs — the call against the put at the same δ
The question, in plain words. You want an option that behaves like 25 shares (a "25-delta" option). You can buy it as a call (above the price) or as a put (below it). Which costs more? The card answers that for every expiry; pick the rung (40Δ … 10Δ) at the top — 25Δ is the usual one.
| Column | What it is |
|---|---|
| expiry · DTE · ATM IV | Which expiry, days left, how dear its at-the-money options are. |
| call · put | The two strikes that have this delta. They are not the same distance from the price. |
| call $ · put $ | What each costs (mid, per share). |
| $/Δ | The price divided by the delta: what one full share of delta costs through that option. |
| rich % | The difference as a % of the cheaper side. −13 % = "the put costs 13 % more than the call". |
| flat-vol floor | What rich % would be if the options held no opinion. It is not zero — and it is the key to the table. |
| skew adds | rich % minus the floor. This is the reading. − = puts bid beyond the arithmetic · + = calls bid · near 0 = no opinion. |
| skew adds (25Δ, 3–8 weeks out) | Meaning |
|---|---|
| above +3 pts | Calls bid: upside demand. Unusual for a stock. |
| −5 to +3 pts | Close to no skew; neither side is paying up. |
| −5 to −20 pts | The normal, mild put bid most stocks carry. |
| below −20 pts | Heavy demand for downside protection (an index looks like this all the time). |
The chart: x = the rung (10Δ … 40Δ), y = skew adds, one line per expiry. A line that drops toward 10Δ = the market is paying up for the far downside tail.
This is the same question as Dollar Skew with a different ruler: Adj$ holds the distance fixed, this card holds the delta fixed. With each floor removed they normally say the same thing.
The smile today
Implied volatility by strike, calls and puts drawn separately, open-interest weighted across expiries at each strike. The two lines should sit on each other (put-call parity); a visible gap is a quote problem, not a view. The window is clipped to ±25 % of the price because deep-wing quotes invert.
A routine that works
- Read the tilt and the net share with their z: is the lean unusual for this ticker?
- Look at the ladder and the bucket card: where is the delta and how long will it last?
- Read the skew adds of the expiry you would trade.
- Remember it is inventory: a lean is a description, and it did not predict direction across the library.