Delta Neutral
A portfolio consisting of positions with offsetting positive and negative deltas. The deltas balance out to bring the net change of the position to zero.
Investopedia Commentary
As a result, you neutralize the response to market movements for a certain range.
Related Links
Capturing Profits with Position-Delta Neutral Trading
Going Beyond Simple Delta: Understanding Position Delta
Getting To Know The "Greeks"
See also: Delta, Delta Hedging, Gamma, Greeks