www.jpx.co.jp/ose-toshijuku/column/OPdeltabasic04.html

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日経225先物・オプション基礎講座デルタ編②-1デルタニュートラルとストラドル・バタフライ | 北浜投資塾 - 大阪取引所（日本取引所グループ）

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https://www.jpx.co.jp/ose-toshijuku/column/OPdeltabasic04.html

About this page

This page explains delta-neutral strategies in Nikkei 225 futures and options trading. It describes the characteristics of call options with delta +0.5 and put options with delta -0.5, showing how their prices change with underlying asset movements. A call option profits when prices rise but loses when they fall, while a put option does the opposite. Combining both creates a V-shaped profit/loss graph, making it direction-neutral. The page introduces specific strategies like straddles and butterflies, and demonstrates how delta-neutral positions work using Nikkei 225 mini contracts.