Put Delta When we model put delta this means the estimated delta (directional exposure) positioning from dealer (market maker) puts. The positioning of a put has everything to do with its deltas. Out-of-the-money puts have lower deltas. At-the-money puts have about 50 delta, and in-the-money puts have higher deltas (going up to 100). For our put delta calculation, the total number of all puts are added up as positive deltas from a dealer perspective because we consistently model dealers to be short puts on both index products and stocks. Related articles Put Volume Put Gamma What is the SpotGamma HIRO Indicator? Gamma Notional Gamma in Next Expiration