5). a If a call option has no chance of expiring in the money, the hedge ratio for a short posit in a call option will be 0.5 -1 1 0 D If you have sold a put option, you have positive delta and gamma negative delta and gamma positive delta but negative gamma negative delta but positive gamma In-the-money call options with 3 months to mature have: time value only intrinsic value only both intrinsic value and time value no value. The seller of a put option has the right to sell the right to buy the obligation to sell 2 2