### Comment:
how do you get the '16 delta' value? It's the equivalent of being long/short that many shares? I understand most of spreads but I never understood that value

### REPLY:
If your broker doesn’t show Greeks you can use the ITM% as an estimation for Delta.  16 delta ~= 16% in the money.   
  
 Delta is how much an options price is estimated to change after a $1 change in the underlying.  It can be a temporary proxy for being short or long 100 shares times delta.

### END.