Delta is one of the dynamic coefficients related to derivatives. The delta of an option/warrant indicates how sharply the value of the security changes when the price of the underlying instrument moves by a certain amount. As a part of this, the exchange ratio must be taken into account if it is not equal to 1. The delta of call options/warrants can lie between 0 and 1. The more the option/warrant is out of the money, the smaller the delta. A delta of 0.5 means that the security would theoretically increase in value by CHF 0.50 if the price of the underlying instrument rose by CHF 1.00. But because delta, as a dynamic coefficient, changes slightly with each tick of the underlying instrument, the reading has to be viewed as a theoretical calculation. The previous example also assumes that all other price-influencing factors for the option (volatility, interest rates, dividends) remain constant. Nonetheless, delta is one of the most important readings for assessing the risk/reward characteristics of options and warrants. Those with a delta close to 0 exhibit practically no response to price movements in the underlying instrument. Moreover, the price of such an option/warrant will be determined to a very high degree by the volatility of the underlying instrument and is therefore very unpredictable. Because a put option/warrant profits from falling prices, its delta is always somewhere between 0 and -1.