Papa John's International... (PZZA)
PZZA Daily Delta Exposure
PZZA's current Delta Exposure (DEX) is 202.48K shares, which is 8% larger than the 3M average of 188.16K shares. During this period, DEX ranged from 19.28K on Aug 4, 2025 to 315.48K on Aug 14, 2025, with dealers maintaining net short exposure requiring continuous hedging. Delta exposure has been increasing recently, forcing increased dealer shorting that could cap rallies. The current put-call delta ratio of 0.42 shows bullish call positioning but leaves the market vulnerable to pullbacks. Moderate DEX levels suggest normal market maker hedging activity.
DEX History
| Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 18, 2025 | 350,065.8 | -147,582.43 | 202,483.37 | 0.42 |
| Aug 15, 2025 | 438,873.11 | -138,774.39 | 300,098.72 | 0.32 |
| Aug 14, 2025 | 436,145.47 | -120,669.13 | 315,476.34 | 0.28 |
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