This segment of Options Jive takes a closer at the purpose of referring to strangles by their delta.
We like to refer to strangles by their delta because delta approximates probability. If we have a 16 delta strangle, we theoretically have a 68% of making a profit (100 - 32*2).
Also, we have found that a 16 delta strangle auto-adjusts how far OTM it is based on volatility, stock price, and duration.
Therefore, delta standardizes volatility, premium, and duration to reflect your probability of success.