Since all options price models predict a delta (i.e., the theoretical ratio of option price change to underlying stock price change), I'm guessing most options investors and market makers are constantly cancelling and replacing orders. So, why don't options stock exchanges like CBOE allow me to place an order including delta? My goal is just to trade at a competitive price without having to watch the market constantly.
For example, I want to buy an "AAPL January $200 Call" for $25 with a 75% delta from an AAPL price of $220. This means I would like CBOE to move my limit order from $25.00 to $24.25 if AAPL falls from $220 to $219.
Would there be any bad consequences if exchanges accepted these orders and everyone started placing them? Even though it's more work for the exchanges, it seems it would reduce replacement orders and level the playing field against high-frequency traders.