Pampa Energía S.A. (PAM)

The total Delta Exposure (DEX) for PAM across all expirations shows -417.5 net shares that market makers must hedge, with 27,920.39 from calls and 28,337.89 from puts. The put-call delta ratio of 1.01 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Dec 19, 25 with -14,570.25 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.