日経225先物・オプション基礎講座デルタ編②-2ストラングル・コンドル | 北浜投資塾 - 大阪取引所（日本取引所グループ）

This page explains the strangle and condor strategy in Nikkei 225 options trading. It demonstrates using delta to determine strike prices for selling options, achieving an 80-83% probability of price staying within a range. Selling options with delta ±0.1 provides high win rates but fixed profits (131,000 yen) balanced by large potential losses. Delta serves as a tool to assess market participants' expected range, incorporating underlying price, time to expiration, and volatility—factors that simple distance-based methods ignore. The page emphasizes that delta-based strategies are more reliable than arbitrary price distances.