Banco Macro S.A. (BMA)

The total Delta Exposure (DEX) for BMA across all expirations shows -174,462.34 net shares that market makers must hedge, with 24,711.49 from calls and 199,173.83 from puts. The put-call delta ratio of 8.06 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Jan 16, 26 with -90,141.39 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.