# Delta neutral price

Canonical: https://halfonadouble.com/learn/delta-neutral-level
Data through: 2026-10-02 close
Publisher: Half on a Double

**The delta neutral price is the underlying price at which the summed delta
of every open contract on a ticker is zero.** It is the green line on every
[ticker page](/screens/most-open-interest) and on the [chart](/chart), and
it is recomputed after every trading day.

Note the difference from the phrase "delta neutral strategy", which means
an individual trader holding a position with zero delta. Here the position
is the entire open interest of the ticker, treated as one portfolio.

## What the published level means

Delta neutral is a model-derived reference level for the options chain.
The site publishes its value, date and relationship to the close. The
implementation and numerical procedures are proprietary. See the
[methodology page](/methodology) for scope and limitations.

## What it says

The level gives a reference for describing where the close sits relative
to the model's options-positioning output. It does not measure an actual
dealer's hedging book or establish a support or resistance level. Use the
[ticker page](/screens/most-open-interest) to inspect the historical
relationship, including sessions where price crossed or moved away.

## How to read it

- **Above or below.** Each page states whether the close is above or
  below delta neutral and by how much.
- **Crosses.** A close moving across the level is logged as an event and
  listed on the [delta neutral crosses](/screens/delta-neutral-crosses)
  screen.
- **Together with gamma max.** [Gamma max](/learn/gamma-max) is where the
  chain's gamma peaks; delta neutral is where its delta balances. A close
  between the two describes their current relationship; it does not
  establish a trading range.

## Related

[Gamma max](/learn/gamma-max) · [Open interest](/learn/open-interest) · [Methodology](/methodology)