Talos Energy Inc. (TALO)

The total Delta Exposure (DEX) for TALO across all expirations shows -14,536.58 net shares that market makers must hedge, with 10,133.32 from calls and 24,669.9 from puts. The put-call delta ratio of 2.43 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Oct 17, 25 with -16,063.45 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.