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The deltoid ligament is located on the medial side of the ankle and plays a crucial role in stabilizing the ankle joint. It is a strong, triangular-shaped band of connective tissue that connects the medial malleolus (the prominent bone on the inner side of the ankle) to various structures of the foot, providing support and preventing excessive eversion, which is the outward rolling of the ankle. This ligament is essential for maintaining ankle stability during weight-bearing activities and movements like walking, running, or jumping.

In contrast, the calcaneofibular ligament, which is located on the lateral side of the ankle, helps stabilize the ankle by connecting the fibula to the calcaneus (heel bone) and preventing excessive inversion. The ankle joint capsule, while important for encasing the joint, does not specifically indicate a medial or lateral location. Lastly, the talofibular joint refers to the articulation between the talus and fibula, which is also more lateral than medial. Thus, the deltoid ligament's specific location and function on the medial side of the ankle make it the correct answer in this context.