Clear —Option strategies

CFA Level III Derivatives
#1

In page 408 blue-box example question 4, the answer to the cheapest way is to buy a 25-delta strangle.

what is 25-delta?

#2

an option that currently has a delta of 0.25

#3

Thanks Elbert.

After a second thought, I am clear about it.

#4

wait, I’m maybe wrong