Churchill Downs (CHDN)
NASDAQ: CHDN
· Real-Time Price · USD
102.58
-1.00 (-0.97%)
At close: Aug 15, 2025, 3:59 PM
102.58
0.00%
After-hours: Aug 15, 2025, 04:34 PM EDT
CHDN Delta Exposure By Expiry
The total Delta Exposure (DEX) for CHDN across all expirations shows -39,714.29 net shares that market makers must hedge, with 62,466.99 from calls and 102,181.28 from puts. The put-call delta ratio of 1.64 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Dec 19, 25 with -31,172.16 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Sep 19, 25 carries negative delta forcing market makers to buy shares, potentially providing support.
CHDN DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Sep 19, 25 | 20,149.09 | -29,202.83 | -9,053.74 | 1.45 |
| Oct 17, 25 | 29.27 | -93.19 | -63.92 | 3.18 |
| Dec 19, 25 | 41,532.91 | -72,705.07 | -31,172.16 | 1.75 |
| Mar 20, 26 | 755.72 | -180.19 | 575.53 | 0.24 |