A delta figure that does not change with the change in the underlying. A futures contract has a fixed delta of plus or minus 100.
See Also:
Delta: A measure of the rate of change in an option's theoretical value for a one-unit change in the price of the underlying security. Call options have positive deltas, while put options have negative deltas. Technically, the delta is an instantaneous measure of the option's price change, so that the delta will be altered for even fractional changes by the underlying entity.