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September 13, 2013  Fri 9:30 AM CT

DAL: SEE CHART GET CHAIN FIND STRATEGIES
Shares of Delta Airlines are just off this week's all-time highs, and one trader apparently believes that the stock will hold onto those gains.

optionMONSTER's tracking systems detected the sale of 3,000 October 22 puts for the bid price of $0.83. The volume was almost 10 times the previous open interest, so this is clearly a new position.

The put selling is a bet that DAL will hold up above $22 in coming weeks. The trader is taking on the risk of having to buy shares if they are below that level at expiration in five weeks. (See our Education section)

DAL is up fractionally to $22.23 this morning. Shares were below $19 two weeks ago and closed at a high of $22.63 on Tuesday.
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The Movement of Delta

In our last column, we spoke about delta. You might remember that we discussed what delta was and what factors affected or changed delta. As you recall, we stated that three factors will have an effect on delta. They were movements of time, volatility, and underlying price. Today, we want to take a further look into the change of delta, this time focusing on change due to the movement in the underlying price. 

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