Camden Property Trust (CPT)

The total Delta Exposure (DEX) for CPT across all expirations shows -10,532.57 net shares that market makers must hedge, with 10,360.01 from calls and 20,892.58 from puts. The put-call delta ratio of 2.02 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Nov 21, 25 with -6,863.58 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.