Currently the deltas on CSCO Nov Call options are below: Nov $23 Call - $1.51 (last offer price) - 0.627 delta Nov $26 Call - $0.24 (last offer price) - 0.337 delta If I wanted to be long roughly 150 deltas, I could purchase 3 $23 calls to get be net long 188 deltas. That would cost me $453 ($1.51 x 3) based on the current offer price. Now, let's say I wanted to purchase the $26 Call. I could buy 5 contracts to establish a net long of 165 deltas and it would only cost me $120 ($0.24 x 5) I maintain the same delta exposure but at a 1/3 of the cost. How is one better than the other? My bias is still the same. Would the OTM have a higher theta so it would decay faster then ? Thanks.