For example, if we’re long a Call option with a delta of 0.60, we might expect the option’s price to increase by $0.60 if the underlying share price increases by $1.00.

For example, let's say the 55-strike call option for a stock trading at $60 has a gamma of 0.05. The delta is 0.75, or 75%.

You can also hedge options with options. For example, if you purchase 10 out-of-the-money calls, each call having a delta of +40, your delta position is +400. You could hedge your delta risk by ...