Travel + Leisure Co. (TNL)

The total Delta Exposure (DEX) for TNL across all expirations shows 102,264.19 net shares that market makers must hedge, with 106,309.6 from calls and 4,045.41 from puts. The put-call delta ratio of 0.04 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Nov 21, 25 with 48,773.62 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.