Nomad Foods Limited (NOMD)

The total Delta Exposure (DEX) for NOMD across all expirations shows -1,272.75 net shares that market makers must hedge, with 2,107.3 from calls and 3,380.05 from puts. The put-call delta ratio of 1.60 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with -2,623.95 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.