Sandstorm Gold Ltd. (SAND)
SAND Daily Delta Exposure
SAND's current Delta Exposure (DEX) is 404.85K shares, which is 41% larger than the 3M average of 286.87K shares. During this period, DEX ranged from 178.55K on May 19, 2025 to 404.85K on Aug 13, 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 0.05 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 13, 2025 | 426,403.41 | -21,555.41 | 404,848 | 0.05 |
| Aug 12, 2025 | 422,568.68 | -20,483.7 | 402,084.98 | 0.05 |
| Aug 11, 2025 | 401,376.33 | -20,071.69 | 381,304.64 | 0.05 |
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