 पर जाज गज हैज नहीं को आपने बलती ताई बात की लिए है, यह यह तुब देल्टा लिए हैज वो दे अन पना नहीं मैं से ड़ाघ भी ख़ुगर अूग यह नहीं ठोर यह जिंज चाहत हैं ख़ागन में एक जो आसल चाहत हैज येज, �거ज़ुव कोद पन्रली नहींग आज सागादा दिनो साव्वित परच्ट्याग and the risk ratio of an underlying asset. नहींग रँबाज़ ग्षेड़ पर दा औसकी प्रैज गिरती है तो हमें लोस हオने का चाँस है, तो, गाज वोगर वियों आप्वापन की तॉगे लीई at the risk of a loss, यह नहीं मैं एक आउना आउन का ज़ाद, Am of delta to gauge and help you in that risk management. देल्टा हैजिंग is an option strategy that aim to reduce or hedge the risk with price movement of underline the approach use options to offset the risk in a either single holding or in a portfolio for example if option of tesla share yields a delta of 0.8 it implies that as underline stock move price move by $1 the option will rise by $0.8 it implies that as underline stock move price move by $1 option change is 0.8 option will rise by 0.8 by $1 rise in market price you can see that now you will know how many options I need in order to hedge my position if I have 500 stock then means 500 options won't be enough because delta is less than 1 for call option that delta range between 0 and 1 while on put option it range from minus 1 to 0 because depending on the movement it is in this bracket for example if put option delta is minus 0.75 implies that price of option is expected to increase by 0.75 assuming underline asset falls by $1 if put option is opposite direction so if point is 0.75 so if $1 falls in this then option will rise by 0.75 so this is gauge of option linkage with underline so vice versa is same obviously if price is more then it will move by 0.75 so delta relationship is established underline and option movement delta of derivative security tells your relationship between underline security and security price itself it represents the amount the price of derivative will change when there is a change in underline price for example you buy a call option with delta of 0.5 the call option will increase by $0.50 for every $1 increase in price same project we will do it widely because you can ask questions in exam so make sure you have a thorough grasp of the area investor tries to reach a delta neutral stage investor wants delta neutral meaning if my share price falls then my delta will be of this type my structure will be of this type I can be safe, I don't have loss or many times option writers watch to safeguard themselves to see how many assets I have to keep if I have so many options delta hedging is a complex strategy mainly used by institutional traders and investment banks investment banks write options so they see how many shares I have to keep if I am writing 500 options then I have to keep 500 shares or I will have to work with 200 if delta 1 is there then I will have to take 500 otherwise we can keep less share and our position is secure and we can earn our premium from there high level strategy which small investors are not doing so much big investors, institutional investors or institutes themselves delta gamma hedging is an option strategy that combines both delta and gamma hedges to mitigate the risk in changes of underline and in delta itself now basically we are bringing the word gamma because delta is not a lock position as you have seen we have talked about 0.8 delta or 0.75 delta so this age is not that much this change will happen in delta as of now it was so delta or historically we have calculated so the change in this that is being captured through gamma I have told you it is a new area I am going slow you can grasp it re-listen to it if needed and then how are we going to do it so now we have talked about that the change in delta can also be a movement so that is being captured through gamma so this way we are establishing this relationship and working on it both delta and gamma help to gauge movement in an option price relative to how in the money or out of money option for in the money there will be a different dynamic there will be a different implication but both these are joined to calculate the impacts on the options and this way we will use it we will be spending more time on it but I will strongly advise to go thoroughly and move it in piecemeal thank you