Just want to check whether i understand it correctly:
Long Calls have positive delta
Long Puts have negative Delta
Long stock has 0.01 delta
100 Shares have 1 delta
Therefore: Covered Call = 1 minus delta of Call option.
Is this correct?
Look at the chart on this site. Do you see how the line is upward sloping for a covered call until the stock reaches a price of 45? To simplify things, you have a delta of 1 until 45 and then a delta of 0 after 45 onwards. Delta is the slope of the line. Delta of a covered call changes depending on how ITM your short call.