PBR Delta Exposure
As of the close, Mon 19 Oct 2026
heaviest strike unchanged at $20 since 16-OCT-2026
- Call delta?
- +$2.2B Dealer delta from calls alone, summed across every strike — delta × open interest × 100 × spot, so it reads as the dollar value of stock that position is equivalent to holding. Positive by convention: dealers are taken to be long the calls.
- Put delta?
- +$176.2M Dealer delta from puts alone, on the same scale. ALSO positive, and that is not a mistake: dealers are taken to be short the puts, and a put's own delta is negative, so being short it is long delta. Both columns are positive here by construction — what the profile says is WHERE the exposure sits, not which way it points.
- Gross delta?
- +$2.4B Call delta plus put delta — the size of the dealer book in dollar-delta terms, with both halves positive by the convention above. It is how much stock the whole position is equivalent to, not which way it leans; the lean is the net beside it.
- Net delta?
- +$2.0B calls minus putsCall delta minus put delta. Positive means the calls dealers are taken to be long outweigh the puts they are taken to be short, so the book leans long the underlying; negative, the reverse. This is the reading the two columns above are the halves of.
- Heaviest strike?
- $20 The strike carrying the most dealer delta. Hedging concentrates around it, so it is where flow tends to be busiest — a tendency, not a rule, and not a price target.
- Above spot?
- +$325.5M Dealer delta summed over the strikes above the close. Read it against the figure beside it: a book leaning above the close is positioned differently from one leaning below, and the split between the two halves is the shape of it. Neither number means much alone.
- Below spot?
- +$2.1B Dealer delta summed over the strikes at or under the close — a strike sitting exactly at the close is counted here, so the two halves add to the total once and only once.
- Spot?
- $25.56 The underlying's closing price for the session these figures are computed from. Every strike below is measured against it.
Every strike — PBR
The 49 strikes these readings are drawn from, calls and puts apart, with the distribution the heaviest strike sits in.
Or read every strike free on SPY.
Both columns are positive by the dealer convention, so the gross is the size of the book and the net — calls minus puts — is its lean. An estimate from open interest, not a position report.
How this is computed
Dealer delta is estimated per contract as delta × open interest × 100 × spot and summed by strike, on the convention that dealers are long the calls and short the puts. Because a put's own delta is negative, being short it is LONG delta — so both columns come out positive and the reading is where the exposure sits across strikes, never the sign of the total. It is a dollar figure: the value of stock the position is equivalent to holding. Delta is the feed's own where it reports one and Black-Scholes at the contract's implied volatility where it does not, priced at the close, never at the time you are reading this. 619 of 964 contracts carried both open interest and a usable delta. This reads the 17 nearest expirations, 23-OCT-2026 through 19-JAN-2029 — most of the exposure, not all of it. It describes where open interest sits, not what the price will do, and it is not advice.