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Consider the following 4 options on AAPL: (a) 1-year 25-delta call, (b) 1-year 25-delta put, (c) 2-year 50-delta call, (d) 2-year 60-delta put. If we

"Consider the following 4 options on AAPL: (a) 1-year 25-delta call, (b) 1-year 25-delta put, (c) 2-year 50-delta call, (d) 2-year 60-delta put. If we are long 1 millionn contracts on each of these options and want to neutralize the delta of each option position separately with the underlying stock, which of the 4 option contracts needs the most long stock position to neutralize its delta?

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