Banco Santander S.A. (SAN)

The total Delta Exposure (DEX) for SAN across all expirations shows 286,189.18 net shares that market makers must hedge, with 305,448.79 from calls and 19,259.61 from puts. The put-call delta ratio of 0.06 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Sep 19, 25 with 190,568.43 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.