Using Delta for Probabilities
I'm often told, "Kirk I can't find the option probability factors." So I'm going to show you how you can use Delta as a substitute for the ITM probability alternative. This is a great way to compare apples to apples when you are using a different broker platform. Delta will not always be as accurate as having the true statistical probabilities, but it is close enough that you can make very smart decisions about which strike price to select when creating and customizing different option strategies.