Canadian Pacific Railway ... (CP)

The total Delta Exposure (DEX) for CP across all expirations shows -173,823.08 net shares that market makers must hedge, with 454,258.82 from calls and 628,081.9 from puts. The put-call delta ratio of 1.38 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with -289,922.36 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.