Cenovus Energy Inc. (CVE)

The total Delta Exposure (DEX) for CVE across all expirations shows 488,043.45 net shares that market makers must hedge, with 881,375.35 from calls and 393,331.9 from puts. The put-call delta ratio of 0.45 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Jan 15, 27 with 174,116.85 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.