A trader working for a financial institution sells 20 PUT option contracts (i.e. 20,000 options) on a certain stock. At the time of the initial trade, the option price is $10, and the corresponding delta is -0.52.

At time 0, the trader neutralizes the delta of the options through either the purchase/sale of shares.

Over the course of the next week, the stock price moves, resulting in a new delta of -0.50.

How many shares should the trader buy to maintain a delta-neutral position?

If the answer requires selling/shorting shares, enter a negative number for the number of shares to purchase.

(required precision 0.01 +/- 0.01)

Greeks Reference Guide:

• Delta = /S
• Theta = /t
• Gamma = (²)/(S²)
• Vega = /
• Rho = /r