First Bancorp Inc. (FNLC)

The total Delta Exposure (DEX) for FNLC across all expirations shows -1,993.72 net shares that market makers must hedge, with 139.47 from calls and 2,133.19 from puts. The put-call delta ratio of 15.29 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with -1,094.6 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.