Plains GP L.P. (PAGP)

The total Delta Exposure (DEX) for PAGP across all expirations shows 252,513.73 net shares that market makers must hedge, with 373,847.67 from calls and 121,333.94 from puts. The put-call delta ratio of 0.32 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Jan 15, 27 with 74,446.5 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.