Novartis AG (NVS)
NYSE: NVS
· Real-Time Price · USD
124.19
2.10 (1.72%)
At close: Aug 15, 2025, 3:59 PM
124.00
-0.15%
After-hours: Aug 15, 2025, 07:33 PM EDT
NVS Delta Exposure By Expiry
The total Delta Exposure (DEX) for NVS across all expirations shows 797,985.32 net shares that market makers must hedge, with 1,358,315.97 from calls and 560,330.65 from puts. The put-call delta ratio of 0.41 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Jan 16, 26 with 544,040.6 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
NVS DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Sep 19, 25 | 148,057.86 | -32,857.73 | 115,200.13 | 0.22 |
| Oct 17, 25 | 310,464.01 | -155,123.25 | 155,340.76 | 0.50 |
| Dec 19, 25 | 0 | 0 | 0 | n/a |
| Jan 16, 26 | 745,129.9 | -201,089.3 | 544,040.6 | 0.27 |
| Apr 17, 26 | 0 | -22,571 | -22,571 | n/a |
| Jan 15, 27 | 154,664.2 | -148,689.37 | 5,974.83 | 0.96 |