Boyd Gaming Corporation (BYD)

The total Delta Exposure (DEX) for BYD across all expirations shows 920,625.65 net shares that market makers must hedge, with 1,154,610.32 from calls and 233,984.67 from puts. The put-call delta ratio of 0.20 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Dec 19, 25 with 347,356.84 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.