Alliance Resource Partner... (ARLP)

The total Delta Exposure (DEX) for ARLP across all expirations shows -32,472.53 net shares that market makers must hedge, with 77,349.02 from calls and 109,821.55 from puts. The put-call delta ratio of 1.42 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with -21,022.71 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Sep 19, 25 carries negative delta forcing market makers to buy shares, potentially providing support.