Immediately after the trade, the trader’s portfolio can be made delta neutral by buying 52,200 shares of the underlying stock. If there is a small decrease (increase) in the stock price, the gain (loss) to the trader of the short option position should be offset by the loss (gain) on the shares. For example, if the stock price increases from $49 to $49.10, the value of the options will decrease by about 52,200×0.10= $5,220, while the value of the shares will increase by this amount.