Delta Neutral

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Monday, September 21, 2026

nightly pull 2026-09-21 18:04

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SPCX OUTLOOK: BEARISH PROTECTIVE PUT CYCLE chain: 2026-09-21 18:04:19.728459

Last Price

$151.85

close $152.71

Position Value

$9,262.85

Share Delta

+0.61

Hedged Delta

0.00

Net Delta

+0.61

UNHEDGED

★ Recommended hedge: BUY 1x SPCX 10/23/26 $160.00 PUT @ ~13.13 ($1,313.00) — delta -0.609 vs share delta +0.61 → net +0.00. OI 220, IV 50.0%, spread 8.0%. Sell it into the next leg down, buy more shares, re-hedge.

HEDGE CANDIDATES — PUTS 30–120 DTE (ranked by delta fit)

Expiry

Strike

Bid / Ask

Mark

Delta

Rel Sprd

Ctrcts→0Δ

Net Δ (1x)

Cost (1x)

10/23/26 (32d)

$160.00

12.60 / 13.65

13.13

-0.609

50.0%

220

8.0%

1.00

+0.00

$1,313.00

SPCX 10/23/26 $160.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	16.05 / 18.60	17.33		-0.630	52.0%	183
09/11	14.70 / 15.65	15.18	-12.4%	-0.595	51.0%	195
09/14	15.85 / 16.90	16.38	+7.9%	-0.647	51.0%	189
09/15	18.05 / 21.65	19.85	+21.2%	-0.716	51.0%	194
09/16	14.25 / 15.80	15.03	-24.3%	-0.605	52.0%	254
09/17	12.05 / 12.45	12.25	-18.5%	-0.552	50.0%	211
09/18	9.95 / 15.45	12.70	+3.7%	-0.590	49.0%	226
09/21	12.60 / 13.65	13.13	+3.4%	-0.609	50.0%	220

10/30/26 (39d)

$160.00

14.25 / 15.15

14.70

-0.590

51.0%

208

6.1%

1.03

+0.02

$1,470.00

SPCX 10/30/26 $160.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	16.00 / 21.70	18.85		-0.613	52.0%	0
09/11	15.05 / 17.00	16.02	-15.0%	-0.583	52.0%	0
09/14	15.00 / 18.90	16.95	+5.8%	-0.632	49.0%	2
09/15	17.35 / 23.70	20.53	+21.1%	-0.693	51.0%	64
09/16	15.35 / 16.35	15.85	-22.8%	-0.589	53.0%	64
09/17	12.70 / 13.60	13.15	-17.0%	-0.540	51.0%	83
09/18	12.95 / 15.80	14.38	+9.4%	-0.575	51.0%	200
09/21	14.25 / 15.15	14.70	+2.2%	-0.590	51.0%	208

11/20/26 (60d)

$165.00

20.75 / 21.05

20.90

-0.599

56.0%

602

1.4%

1.02

+0.01

$2,090.00

SPCX 11/20/26 $165.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	24.20 / 24.85	24.53		-0.618	57.0%	551
09/11	22.05 / 22.75	22.40	-8.7%	-0.590	56.0%	553
09/14	23.55 / 24.35	23.95	+6.9%	-0.628	56.0%	559
09/15	26.35 / 27.45	26.90	+12.3%	-0.679	56.0%	562
09/16	21.90 / 22.55	22.23	-17.4%	-0.599	57.0%	565
09/17	19.20 / 19.55	19.38	-12.8%	-0.564	55.0%	573
09/18	19.60 / 20.90	20.25	+4.5%	-0.590	54.0%	592
09/21	20.75 / 21.05	20.90	+3.2%	-0.599	56.0%	602

10/30/26 (39d)

$157.50

12.70 / 13.10

12.90

-0.553

51.0%

150

3.1%

1.10

+0.06

$1,290.00

SPCX 10/30/26 $157.50 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	12.70 / 20.15	16.42		-0.582	52.0%	0
09/11	13.45 / 15.40	14.43	-12.1%	-0.549	52.0%	0
09/14	14.70 / 16.90	15.80	+9.5%	-0.596	49.0%	0
09/15	16.00 / 21.20	18.60	+17.7%	-0.662	51.0%	0
09/16	13.35 / 15.40	14.38	-22.7%	-0.556	53.0%	1
09/17	11.55 / 11.90	11.73	-18.4%	-0.505	51.0%	1
09/18	11.15 / 14.00	12.58	+7.2%	-0.539	51.0%	149
09/21	12.70 / 13.10	12.90	+2.5%	-0.553	51.0%	150

12/18/26 (88d)

$165.00

22.70 / 23.25

22.98

-0.568

55.0%

1,805

2.4%

1.07

+0.04

$2,298.00

SPCX 12/18/26 $165.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	26.15 / 26.75	26.45		-0.584	56.0%	1,782
09/11	24.25 / 24.65	24.45	-7.6%	-0.562	56.0%	1,773
09/14	25.60 / 26.15	25.88	+5.8%	-0.595	55.0%	1,773
09/15	28.15 / 29.10	28.63	+10.6%	-0.639	55.0%	1,773
09/16	24.15 / 24.60	24.38	-14.8%	-0.568	56.0%	1,773
09/17	21.30 / 21.75	21.53	-11.7%	-0.538	54.0%	1,843
09/18	21.95 / 23.20	22.58	+4.9%	-0.560	54.0%	1,805
09/21	22.70 / 23.25	22.98	+1.8%	-0.568	55.0%	1,805

11/20/26 (60d)

$160.00

17.50 / 17.70

17.60

-0.546

56.0%

983

1.1%

1.12

+0.06

$1,760.00

SPCX 11/20/26 $160.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	20.85 / 21.35	21.10		-0.571	57.0%	885
09/11	18.85 / 19.40	19.13	-9.3%	-0.542	57.0%	950
09/14	20.25 / 20.70	20.48	+7.1%	-0.579	56.0%	950
09/15	22.80 / 23.60	23.20	+13.3%	-0.632	56.0%	948
09/16	18.85 / 19.10	18.98	-18.2%	-0.548	57.0%	949
09/17	16.00 / 16.45	16.23	-14.5%	-0.511	55.0%	960
09/18	16.45 / 18.05	17.25	+6.3%	-0.537	55.0%	1,003
09/21	17.50 / 17.70	17.60	+2.0%	-0.546	56.0%	983

10/23/26 (32d)

$155.00

10.20 / 10.45

10.33

-0.525

50.0%

104

2.4%

1.16

+0.08

$1,033.00

SPCX 10/23/26 $155.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	13.75 / 14.35	14.05		-0.561	52.0%	37
09/11	11.70 / 12.25	11.98	-14.7%	-0.523	51.0%	79
09/14	13.15 / 13.65	13.40	+11.9%	-0.575	51.0%	83
09/15	15.25 / 16.45	15.85	+18.3%	-0.649	51.0%	87
09/16	11.75 / 12.15	11.95	-24.6%	-0.530	52.0%	80
09/17	9.35 / 9.50	9.43	-21.1%	-0.474	48.0%	77
09/18	9.85 / 10.80	10.33	+9.5%	-0.509	49.0%	126
09/21	10.20 / 10.45	10.33	+0.0%	-0.525	50.0%	104

10/30/26 (39d)

$155.00

11.25 / 11.45

11.35

-0.515

51.0%

138

1.8%

1.18

+0.09

$1,135.00

SPCX 10/30/26 $155.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	11.20 / 18.65	14.93		-0.548	52.0%	0
09/11	12.70 / 13.15	12.93	-13.4%	-0.517	52.0%	0
09/14	13.10 / 14.75	13.93	+7.7%	-0.560	49.0%	0
09/15	14.80 / 19.50	17.15	+23.1%	-0.630	51.0%	21
09/16	12.50 / 13.30	12.90	-24.8%	-0.521	54.0%	21
09/17	10.25 / 10.55	10.40	-19.4%	-0.472	48.0%	72
09/18	10.95 / 11.60	11.27	+8.4%	-0.503	51.0%	161
09/21	11.25 / 11.45	11.35	+0.7%	-0.515	51.0%	138

01/15/27 (116d)

$165.00

24.45 / 25.00

24.73

-0.547

54.0%

1,334

2.2%

1.12

+0.06

$2,473.00

SPCX 01/15/27 $165.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	27.75 / 28.50	28.13		-0.564	55.0%	1,320
09/11	26.00 / 26.35	26.18	-6.9%	-0.542	55.0%	1,319
09/14	27.25 / 27.75	27.50	+5.0%	-0.571	54.0%	1,319
09/15	29.75 / 30.50	30.13	+9.6%	-0.612	54.0%	1,319
09/16	25.95 / 26.25	26.10	-13.4%	-0.548	55.0%	1,323
09/17	23.10 / 23.50	23.30	-10.7%	-0.520	54.0%	1,321
09/18	23.25 / 24.75	24.00	+3.0%	-0.540	54.0%	1,326
09/21	24.45 / 25.00	24.73	+3.0%	-0.547	54.0%	1,334

12/18/26 (88d)

$160.00

19.60 / 19.95

19.77

-0.523

55.0%

2,528

1.8%

1.17

+0.09

$1,977.00

SPCX 12/18/26 $160.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	22.90 / 23.35	23.13		-0.544	56.0%	2,605
09/11	21.05 / 21.40	21.23	-8.2%	-0.521	55.0%	2,601
09/14	22.30 / 22.80	22.55	+6.2%	-0.552	55.0%	2,605
09/15	24.80 / 25.45	25.13	+11.4%	-0.597	55.0%	2,609
09/16	21.00 / 21.35	21.18	-15.7%	-0.525	56.0%	2,595
09/17	18.45 / 18.65	18.55	-12.4%	-0.493	55.0%	2,589
09/18	18.95 / 19.55	19.25	+3.8%	-0.515	54.0%	2,489
09/21	19.60 / 19.95	19.77	+2.7%	-0.523	55.0%	2,528

10/23/26 (32d)

$152.50

8.90 / 9.05

8.98

-0.482

51.0%

266

1.7%

1.27

+0.13

$898.00

SPCX 10/23/26 $152.50 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	12.30 / 13.25	12.78		-0.525	52.0%	35
09/11	10.60 / 10.75	10.68	-16.4%	-0.486	52.0%	43
09/14	11.60 / 12.10	11.85	+11.0%	-0.537	51.0%	42
09/15	13.60 / 15.35	14.48	+22.2%	-0.611	51.0%	58
09/16	10.40 / 10.55	10.48	-27.6%	-0.492	53.0%	61
09/17	8.10 / 8.25	8.18	-21.9%	-0.431	48.0%	106
09/18	8.65 / 8.80	8.73	+6.7%	-0.468	46.0%	119
09/21	8.90 / 9.05	8.98	+2.9%	-0.482	51.0%	266

11/20/26 (60d)

$155.00

14.55 / 14.75

14.65

-0.491

56.0%

2,246

1.4%

1.24

+0.12

$1,465.00

SPCX 11/20/26 $155.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	17.75 / 18.05	17.90		-0.520	57.0%	1,427
09/11	16.05 / 16.25	16.15	-9.8%	-0.491	57.0%	1,551
09/14	17.10 / 17.45	17.27	+6.9%	-0.527	56.0%	1,564
09/15	19.50 / 20.05	19.77	+14.5%	-0.580	56.0%	2,352
09/16	15.85 / 16.00	15.93	-19.4%	-0.497	57.0%	2,351
09/17	13.45 / 13.60	13.52	-15.1%	-0.460	51.0%	2,248
09/18	14.10 / 14.35	14.23	+5.3%	-0.481	55.0%	2,283
09/21	14.55 / 14.75	14.65	+3.0%	-0.491	56.0%	2,246

10/30/26 (39d)

$152.50

9.85 / 10.05

9.95

-0.477

51.0%

165

2.0%

1.28

+0.13

$995.00

SPCX 10/30/26 $152.50 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	9.60 / 17.20	13.40		-0.514	52.0%	0
09/11	11.30 / 11.75	11.53	-14.0%	-0.483	52.0%	0
09/14	11.70 / 13.25	12.48	+8.2%	-0.522	49.0%	1
09/15	12.70 / 17.60	15.15	+21.4%	-0.595	51.0%	3
09/16	11.25 / 11.60	11.43	-24.6%	-0.487	53.0%	4
09/17	9.00 / 9.30	9.15	-19.9%	-0.433	48.0%	11
09/18	9.65 / 9.90	9.78	+6.9%	-0.468	47.0%	110
09/21	9.85 / 10.05	9.95	+1.7%	-0.477	51.0%	165

01/15/27 (116d)

$160.00

21.45 / 21.70

21.58

-0.506

54.0%

2,073

1.2%

1.21

+0.10

$2,158.00

SPCX 01/15/27 $160.00 PUT — last 7 day price history (nightly pulls, mark)

09/10

09/11

09/14

09/15

09/16

09/17

09/18

09/21

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
09/10	24.50 / 25.15	24.83		-0.527	56.0%	2,118
09/11	22.90 / 23.15	23.03	-7.2%	-0.504	56.0%	2,107
09/14	24.00 / 24.40	24.20	+5.1%	-0.533	55.0%	2,110
09/15	26.35 / 27.10	26.73	+10.5%	-0.574	54.0%	2,106
09/16	22.75 / 22.95	22.85	-14.5%	-0.509	55.0%	2,110
09/17	20.20 / 20.45	20.33	-11.0%	-0.480	54.0%	2,106
09/18	20.95 / 21.20	21.08	+3.7%	-0.499	54.0%	2,071
09/21	21.45 / 21.70	21.58	+2.4%	-0.506	54.0%	2,073

SCENARIOS — SPCX DOWN MOVE, HOLDING 61 SHARES + 1x 10/23/26 $160.00 PUT (estimate ⓘ)

Move	Price	Shares P/L	Put P/L (1x)	Net P/L
-5%	$144.26	$-463.14	+$511.38	$48.24
-10%	$136.66	$-926.29	+$1,120.76	$194.48
-15%	$129.07	$-1,389.43	+$1,828.14	$438.71
-20%	$121.48	$-1,852.57	+$2,633.52	$780.95

THE PROTECTIVE PUT CYCLE

1HEDGEBuy puts sized to your share delta (shares ÷ 100). A put whose delta matches makes the combined position ≈ delta neutral.

2STOCK DROPSShares lose value, but the puts gain roughly dollar-for-dollar (delta) plus acceleration (gamma).

3SELL PUTSHarvest the put gains after the down-move. Don't hold to expiry — theta eats the hedge.

4BUY SHARESUse the put proceeds to buy more shares at the lower price. Cost basis drops, share count grows.

5REPEATRe-hedge the larger position with new puts (recheck the table above — you now need more delta) and wait for the next leg down.

Adding positions: edit screeners/delta_neutral/delta_neutral_positions.json — add a ticker, share count, and strategy params (DTE window, min open interest, max spread), then rerun python generate_delta_neutral.py. Each position renders its own hedge card on this page. Scenario P/L is a delta+gamma estimate from real chain greeks; it ignores IV changes and time decay.