Delta-Neutral Share Count, Second Instance

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

To be delta-neutral, offset this exposure with an opposite-sign stock position.

1. 1. Compute the total delta exposure

   $200\times 100\times 0.35=7000$ shares of long exposure.

   $$200\times 100\times 0.35=7000$$

2. 2. Offset the exposure

   To become delta-neutral, short 7,000 shares of the underlying.

Answer: Short 7,000 shares.