The sum of all positive and negative deltas within a hedge trade position. It captures the delta of a complex trade that involves multiple options. It can be computed using the following formula:

Position delta = option delta × number of underlyings per option × number of options

For example, a trader has the following multiple trades (each shown with its respective delta)

Short 100 shares of (X) [delta= -1.00]

Short 20 calls (on (X) shares) October 20 [delta = -0.70]

Long 15 calls (on (X) shares October 25 [delta = 0.5]

Long 20 calls (on (X) shares November 25 [delta = 0.6]

Therefore, the overall delta of all these positions is calculated as follows:

Position delta = [(100 × -1.00) + (20 × -0.70 × 100) + (15 × 0.5 ×100) + (20 × 0.4 × 100]

Position delta = [(-100) + (-1400) + (750) + (800)] = +50

Where: the contract size for an option is 100 shares.