SBA Communications Corpor... (SBAC)

The total Delta Exposure (DEX) for SBAC across all expirations shows 265,440.43 net shares that market makers must hedge, with 317,863.64 from calls and 52,423.21 from puts. The put-call delta ratio of 0.16 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Dec 19, 25 with 145,019.64 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries negative delta forcing market makers to buy shares, potentially providing support.