The ratio of the change in the future value (FV) of an option to the change in a forward contract on the same underlying (involving the same pair of currencies) over an identical term (maturity) for both contracts. In other words, both changes are expressed in terms of the same pair of currencies (exchange rate), that is, currency 2/ currency 1 (or ccy2/ ccy1). This represents the number of units of foreign currency required in order to hedge an FX option with a notional of one unit of foreign currency and an equivalent notional of a given number of domestic currency units. The forward delta is thus expressed as a percentage of foreign currency.

Typically, this forward delta implies that the premium currency is domestic while the notional currency is foreign.

It is sometimes known as a points forward delta.