Delta-Neutral Share Count

Total delta exposure equals contracts times shares per contract times per-option delta.

To be delta-neutral, the share position must offset this exposure with the opposite sign.

1. 1. Compute total delta exposure

   Total shares equivalent $=100\text{ contracts}\times 100\text{ shares/contract}\times 0.60=6000$ shares of long exposure.

   $$100\times 100\times 0.60=6000$$

2. 2. Offset the exposure

   To neutralize 6000 shares of long delta exposure from the calls, short 6000 shares of the underlying stock.

Answer: Short 6000 shares