Extra Space Storage Inc. (EXR)

The total Delta Exposure (DEX) for EXR across all expirations shows -17,523.51 net shares that market makers must hedge, with 35,801.8 from calls and 53,325.31 from puts. The put-call delta ratio of 1.49 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Dec 19, 25 with -19,271.41 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.