Plains All American Pipel... (PAA)
NASDAQ: PAA
· Real-Time Price · USD
17.59
-0.11 (-0.62%)
At close: Aug 15, 2025, 2:07 PM
PAA Delta Exposure By Expiry
The total Delta Exposure (DEX) for PAA across all expirations shows 300,473.34 net shares that market makers must hedge, with 557,733.54 from calls and 257,260.2 from puts. The put-call delta ratio of 0.46 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Nov 21, 25 with 248,513.99 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Aug 22, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
PAA DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 22, 25 | 9,911.61 | -1,606.86 | 8,304.75 | 0.16 |
| Aug 29, 25 | 5,130.84 | -1,084.65 | 4,046.19 | 0.21 |
| Sep 5, 25 | 7,179.8 | -708.07 | 6,471.73 | 0.10 |
| Sep 12, 25 | 1,228.91 | -196.95 | 1,031.96 | 0.16 |
| Sep 19, 25 | 20,747.12 | -1,828.63 | 18,918.49 | 0.09 |
| Sep 26, 25 | 159.05 | -42.23 | 116.82 | 0.27 |
| Oct 17, 25 | 36,504.81 | -53,477.95 | -16,973.14 | 1.46 |
| Nov 21, 25 | 264,215.05 | -15,701.06 | 248,513.99 | 0.06 |
| Jan 16, 26 | 106,250.7 | -129,551.32 | -23,300.62 | 1.22 |
| Feb 20, 26 | 23,370.62 | -2,897.13 | 20,473.49 | 0.12 |
| Dec 18, 26 | 0 | 0 | 0 | n/a |
| Jan 15, 27 | 83,035.03 | -50,165.35 | 32,869.68 | 0.60 |