how do I determine the delta of an option? Could I determine the delta by looking at the option chain? Also, is the delta of an option changing from time to time?
Moreover, after I know the delta, could I figure out the best strategy for a combination of a call and a put?
For example, I think a stock will most likely go up in the long-term, so I bought a call option with an expiration date one year later and the strike price is 10% higher than the current stock price. However, I am also worried the stock will go down in the first month. So, I decide to buy a put option with an expiration date one month later and the strike price 10% lower than the current stock price.
If I know the delta, could I figure out the best striking price for my call option and my put option. Also, how do I know how many put contracts I need to fully protect my call option?
I am new to option trading, so I am still learning. Thanks