First Horizon Corporation (FHN)

The total Delta Exposure (DEX) for FHN across all expirations shows 852,934.77 net shares that market makers must hedge, with 971,721.03 from calls and 118,786.26 from puts. The put-call delta ratio of 0.12 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Sep 19, 25 with 395,461.43 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.