TEGNA Inc. (TGNA)

The total Delta Exposure (DEX) for TGNA across all expirations shows 120,273.54 net shares that market makers must hedge, with 160,831.15 from calls and 40,557.61 from puts. The put-call delta ratio of 0.25 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Dec 19, 25 with 88,925.37 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries negative delta forcing market makers to buy shares, potentially providing support.