Which of the following factors does NOT directly influence Delta?

Delta measures the sensitivity of an option's price to changes in the price of the underlying asset. It reflects how much the price of the option is expected to change with a $1 change in the underlying asset. The factors that directly influence Delta include the underlying asset price, the strike price of the option, and the time until expiration.

The underlying asset price has a direct relationship with Delta. As the price of the underlying asset moves, Delta will change accordingly, particularly for in-the-money and out-of-the-money options.

The strike price of the option also impacts Delta. Options that are in-the-money have higher Delta values, while those that are out-of-the-money have lower Delta values. The proximity of the strike price to the current price of the underlying asset plays a key role in determining the option's Delta.

Time until expiration affects Delta as well. As expiration nears, Delta tends to move towards one for in-the-money options and approaches zero for out-of-the-money options. This shift occurs because the sensitivity of the option’s price to the underlying asset price increases as less time is left for the price to move in a favorable direction.

Market sentiment, however, does not directly influence Delta. It may affect the overall demand for options and can