Mercer International Inc. (MERC)

The total Delta Exposure (DEX) for MERC across all expirations shows -1,480.27 net shares that market makers must hedge, with 6,654.16 from calls and 8,134.43 from puts. The put-call delta ratio of 1.22 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Jan 16, 26 with -5,192.59 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.