I am having some trouble making things add up. Here is what I have so far (using QQQ as the example): Let's say QQQ has a current implied volatility of 28. The strike price is $20.00 for a call and the stock is presently $30.18. The risk-free interest rate is 1.5%. The time until expiration is 38 days. According to Black Scholes: Call Price = SN(D1) - Xe^(-rt)N(D2) D1 = [ln(S/X) + (r + (v^2)/2) * t] / [v*sqr(t)] S = Stock Price X = Call Option Strike Price r = risk-free interest (.015) v = implied volatility (.28) t = time until expiration in percent of year (38/265) sqr = square root of Now, according to this formula, I should get a number very close to 1 when I solve for n(D1) where n(x) is the normal cumulative distribution function. However, I am currently getting around .68 for the delta -- which is obviously wrong. Would anyone be willing to hold my hand and walk me through this process?