Net Delta Net Delta is the Total Call Delta - Total Put Delta Why does Net Delta matter? A positive delta position infers options market makers have a net long hedge. A negative delta position implies dealers have a net short hedge. How to use Net Delta When a large net delta position expires, options market makers may have large hedges to unwind. This can cause a reversal in the stock. Related articles Net Gamma Non-Linear Stock Payoff DDOI (Dealer-Directional Positioning) JPM Collar Iron Condor