Markets are always changing. Some changes make headlines, most do not.

Delta, a new Varsity newsletter, looks beyond the closing price to understand what is moving underneath.

The word “Delta” appears in physics, mathematics, and options trading. It means different things in each, but the underlying idea is the same: change.

At the end of every trading day, one number gets most of the attention: the close. Whether the market ended in the green or the red often becomes the entire story.

But the close tells you only where the market ended. It does not tell you how many shares changed hands, how much went into delivery, where open interest was building, or which sectors were taking the lead. It does not explain how commodity prices are affecting industries, how options traders are positioned, or what bond yields and the rupee are signalling about the economy.

All this information is public, but it is often scattered. Delta brings these signals together and helps explain what is changing in the markets and why it matters.

With Delta, Varsity’s newsletters now cover four broad areas:

– Delta: Trading and markets
– Tell Me Why: The economy
– Second Order: Personal finance
– Side Notes: Business and financial strategies

If you haven’t yet checked out these newsletters, you can find them here.