Copa S.A. (CPA)

The total Delta Exposure (DEX) for CPA across all expirations shows -24,497.82 net shares that market makers must hedge, with 159,978.81 from calls and 184,476.63 from puts. The put-call delta ratio of 1.15 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with -46,054.4 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.