Ermenegildo Zegna N.V. (ZGN)

The total Gamma Exposure (GEX) for ZGN across all expirations is -37.06 shares per 1% move, with 106.74 from calls and 143.8 from puts. The put-call GEX ratio of 1.35 indicates heavy put positioning, suggesting market makers may need to buy shares on declines (supportive) and sell on rallies (resistance). The highest gamma concentration is at the Oct 17, 25 expiration with -89.9 net GEX, which may act as a pivot point for price action. Near-term exposure for Sep 19, 25 suggests potential support from positive gamma hedging flows.