I've tried several ways to monitor delta along the way without having a clue if what I was doing had merit or was worthless: (1) I just summed the deltas of all options (ABX and NEM) (2) I divided the delta of the ABX options by two, only because the price of ABX was 1/2 that of NEM and then summed all of them (3) Not knowing if (1) and (2) had merit or were even reliable, I just segregated the respective deltas in my spreadsheet as ABX net delta, NEM net delta and total combined delta. The goal wasn't precision delta adjustments but just to keep me from straying too far from neutral and to maintain some link between the ABX/NEM correlation, given that the original equity pair had mutated to include up to 5 to 10 additional option legs as well. I may have to just accept that this is just seat of the pants hedging, rolling long calls up after up moves (or selling more call premium against existing long calls) and rolling long puts down after down moves (or selling more put premium against long puts), squeezing money out of the position as it hopefully gyrates and/or the pair's initial spread contracts. Thank you to all who offered thoughts on this option/equity combined pairs trade idea. You haven't given me an answer (one might not even exist) but you have provided some ideas from which to possibly evolve this going forward.