LATAM Airlines Group S.A. (LTM)

The total Delta Exposure (DEX) for LTM across all expirations shows -25,419.97 net shares that market makers must hedge, with 4,447.36 from calls and 29,867.33 from puts. The put-call delta ratio of 6.72 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Dec 19, 25 with -25,739.8 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.