Icahn Enterprises L.P. (IEP)

The total Delta Exposure (DEX) for IEP across all expirations shows -80,752.67 net shares that market makers must hedge, with 105,737.85 from calls and 186,490.52 from puts. The put-call delta ratio of 1.76 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with -100,345.89 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.