NetApp Inc. (NTAP)
NTAP Daily Delta Exposure
NTAP's current Delta Exposure (DEX) is 708.27K shares, which is 113% larger than the 3M average of 332.44K shares. During this period, DEX ranged from 72.22K on May 29, 2025 to 708.27K on Aug 14, 2025, with dealers maintaining net short exposure requiring continuous hedging. Delta exposure has been increasing recently, forcing increased dealer shorting that could cap rallies. The current put-call delta ratio of 0.29 shows bullish call positioning but leaves the market vulnerable to pullbacks. Near extreme DEX levels suggest potential for mean reversion as positions unwind.
DEX History
| Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 14, 2025 | 999,730.82 | -291,463.66 | 708,267.16 | 0.29 |
| Aug 13, 2025 | 937,873.44 | -272,240.77 | 665,632.67 | 0.29 |
| Aug 12, 2025 | 836,988.01 | -285,798.43 | 551,189.58 | 0.34 |
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