Zhihu Inc. (ZH)
NYSE: ZH
· Real-Time Price · USD
4.77
-0.19 (-3.83%)
At close: Aug 22, 2025, 3:59 PM
4.80
0.63%
After-hours: Aug 22, 2025, 07:17 PM EDT
ZH Delta Exposure By Expiry
The total Delta Exposure (DEX) for ZH across all expirations shows 4,038.14 net shares that market makers must hedge, with 12,823.02 from calls and 8,784.88 from puts. The put-call delta ratio of 0.69 suggests neutral market maker positioning. The largest delta concentration at Sep 19, 25 with 2,673.63 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.
ZH DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Sep 19, 25 | 8,002.04 | -5,328.41 | 2,673.63 | 0.67 |
| Oct 17, 25 | 0.65 | -11.71 | -11.06 | 18.02 |
| Dec 19, 25 | 3,659.34 | -3,342.03 | 317.31 | 0.91 |
| Jan 16, 26 | 0 | 0 | 0 | n/a |
| Mar 20, 26 | 1,160.99 | -102.73 | 1,058.26 | 0.09 |