For instance, during events like Budget announcement. Traders might expect the market to get jumpy, like a cat on a hot tin roof. So, they might set up trades that profit from volatility, like buying options at different strike prices

Before taking the plunge, there's a checklist that seasoned traders swear by, covering everything from directional assumptions to liquidity and risk management. Let's unravel the layers of this checklist

In fact, if you look at an options chain with delta and probabilities, you can see that they are all about the same. In other words, there is a linear relationship between delta and probability.