Cumulus Media Inc. (CMLS)

The total Delta Exposure (DEX) for CMLS across all expirations shows 48.43 net shares that market makers must hedge, with 48.43 from calls and 0 from puts. The put-call delta ratio of 0.00 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Nov 21, 25 with 48.43 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Nov 21, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.