Cheniere Energy Partners ... (CQP)

The total Delta Exposure (DEX) for CQP across all expirations shows -4,043.33 net shares that market makers must hedge, with 18,468.5 from calls and 22,511.83 from puts. The put-call delta ratio of 1.22 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with -9,393.68 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.