Four Wire Delta Circuits A four-wire delta (4WD) electrical service is a three-phase delta service with a center-tap on one of the transformer windings to create a neutral for single-phase loads. Motors loads are commonly connected to phases A, B, and C, while single-phase loads are connected to either phase A or C and to neutral. Delta is clearly a function of S, however Delta is also a function of strike price and time to expiry. Therefore, if a position is delta neutral (or, instantaneously delta-hedged) its instantaneous change in value, for an infinitesimal change in the value of the underlying security, will be zero; see Hedge (finance). How to profit from vega-neutral strategies. If a strategy is delta-neutral, it should not make profits or losses for changes in the price of the underlying. A strategy that is vega-neutral should neither make nor lose money when implied volatility changes. So how do traders look to profit from vega-neutral positions? There are several ways.