Marten Transport Ltd. (MRTN)

The total Delta Exposure (DEX) for MRTN across all expirations shows -30,932.32 net shares that market makers must hedge, with 2,493.03 from calls and 33,425.35 from puts. The put-call delta ratio of 13.41 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with -14,639.31 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.