Remove delta

[Valentino]

Can you tell me what the phrase "remove delta" means?

 

[minwa]

Removing exposure to a long position on a underlying.

Can be done by reducing/closing long underlying or (more usually) through options.

 

[Valentino]

And to spend the delta ?

 

[wayneL]

Cash up position and lash out on expensive booze, cars and fast women?