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That's right. The delta is also widely considered to be the probability that the option will end up in the money. Which also means that selling the option is the probability of the option expiring worthless.. Some people also believe that if you double the delta number, that will give you the probability that the price will "touch" the strike at some point during it's lifetime. I left out the whole concept of gamma,and how delta is different for each consecutive $1 move in the same direction of the underlying. I didn't want to confuse him too much.

Delta is a % number which tells you how much a specific option will move if the underlying stock/instrument moves 1 full point. If it is a stock , then if the stock goes up $1, and your option is a call, with a delta of .50....then the option will increase by .50 cents with a $1 move higher in the stock. If it is a call with a .30 delta, then .30 cents ..etc. If it is a put then , if you "buy" it, the deltas are "negative" deltas. So , with a put, it would be -.50 and if the stock went up by $1, the put would decrease by .50 cents. Then, if you just flip this whole concept around, and think of SELLING each of the above mentioned options, that would reverse the delta. For example, if you "sold" a put with a .50 delta, then if the stock went up by $1, the value of the put would still decrease by .50 cents but, since you are short the option, you would GAIN .50 cents. Sounds hard at first, but everything is simply the opposite of what it normally is if you sell, rather than buy it. In IB TWS platform, on the basic quote pages, there is a place in the settings, where you can add/remove the different columns. I don't have it open right now but, you can add a column for "delta" which will show you what every option's delta is in real-time. Or, you can open "Option Trader" and type in a stock symbol, and it will bring up all of the options for each expiration along with columns showing each of the greeks as they change in real time. Also, once you are holding a position, you can open up "Portfolio Manager" and highlight, on the bottom right, from the drop down box, the specific symbol that you have a position in,and it will automatically add together, and subtract, all of you + and - deltas, and show you the live Total delta of your entire position.