Delta: Directional Bias, Probability, & Velocity of Risk
Delta indicates directional bias – positive delta means bullish, negative delta means bearish. For options, it can also be used to estimate the odds of expiring as well as the share equivalency.
Shares
Long shares carry positive delta which means they are a bullish strategy.
Short shares carry negative delta which means they are a bearish strategy.
Calls
Long calls carry positive delta. They are a bullish strategy.
Short calls carry negative delta. They are a bearish strategy.
Puts
Long puts carry negative delta. They are a bearish strategy.
Short puts carry positive delta. They are a bullish strategy.