Delta Neutral

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Friday, November 6, 2026

nightly pull 2026-11-06 18:07

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SPCX OUTLOOK: BEARISH PROTECTIVE PUT CYCLE chain: 2026-11-06 18:07:10.324125

Last Price

$134.27

close $123.62

Position Value

$8,190.47

Share Delta

+0.61

Hedged Delta

0.00

Net Delta

+0.61

UNHEDGED

★ Recommended hedge: BUY 1x SPCX 12/18/26 $145.00 PUT @ ~16.75 ($1,675.00) — delta -0.608 vs share delta +0.61 → net +0.00. OI 19,880, IV 59.0%, spread 2.4%. 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)

12/18/26 (42d)

$145.00

16.55 / 16.95

16.75

-0.608

59.0%

19,880

2.4%

1.00

+0.00

$1,675.00

SPCX 12/18/26 $145.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	10.10 / 10.35	10.23		-0.468	47.0%	19,455
10/29	10.65 / 10.80	10.73	+4.9%	-0.493	51.0%	19,791
10/30	16.05 / 16.45	16.25	+51.4%	-0.603	53.0%	19,892
11/02	15.40 / 15.80	15.60	-4.0%	-0.578	57.0%	19,957
11/03	12.40 / 12.70	12.55	-19.6%	-0.508	56.0%	19,883
11/04	14.90 / 15.25	15.08	+20.2%	-0.608	54.0%	19,866
11/05	24.00 / 25.05	24.53	+62.7%	-0.762	61.0%	19,928
11/06	16.55 / 16.95	16.75	-31.7%	-0.608	59.0%	19,880

01/15/27 (70d)

$145.00

18.75 / 19.20

18.98

-0.567

57.0%

8,428

2.4%

1.08

+0.04

$1,898.00

SPCX 01/15/27 $145.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	12.30 / 12.50	12.40		-0.461	46.0%	7,384
10/29	12.65 / 13.00	12.83	+3.5%	-0.486	45.0%	8,543
10/30	18.10 / 18.55	18.33	+42.9%	-0.566	53.0%	8,506
11/02	17.50 / 17.90	17.70	-3.4%	-0.545	55.0%	8,549
11/03	14.55 / 15.00	14.78	-16.5%	-0.488	55.0%	8,516
11/04	17.05 / 17.45	17.25	+16.7%	-0.568	53.0%	8,524
11/05	25.55 / 26.75	26.15	+51.6%	-0.700	59.0%	8,485
11/06	18.75 / 19.20	18.98	-27.4%	-0.567	57.0%	8,428

12/11/26 (35d)

$140.00

12.25 / 13.30

12.78

-0.548

61.0%

249

8.2%

1.11

+0.06

$1,278.00

SPCX 12/11/26 $140.00 PUT — last 7 day price history (nightly pulls, mark)

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/29	6.85 / 7.75	7.30		-0.414	46.0%	0
10/30	11.90 / 12.75	12.33	+68.9%	-0.542	54.0%	28
11/02	11.55 / 12.40	11.98	-2.8%	-0.518	58.0%	74
11/03	9.00 / 9.85	9.43	-21.3%	-0.442	55.0%	160
11/04	10.95 / 11.70	11.33	+20.1%	-0.540	54.0%	200
11/05	17.15 / 21.05	19.10	+68.6%	-0.736	61.0%	220
11/06	12.25 / 13.30	12.78	-33.1%	-0.548	61.0%	249

12/18/26 (42d)

$140.00

13.60 / 13.80

13.70

-0.539

60.0%

23,846

1.5%

1.13

+0.07

$1,370.00

SPCX 12/18/26 $140.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	7.80 / 8.00	7.90		-0.390	48.0%	22,078
10/29	8.10 / 8.35	8.23	+4.2%	-0.416	47.0%	22,581
10/30	13.00 / 13.25	13.13	+59.5%	-0.532	54.0%	22,848
11/02	12.45 / 12.70	12.58	-4.2%	-0.508	57.0%	23,477
11/03	9.90 / 10.15	10.03	-20.3%	-0.439	54.0%	23,647
11/04	11.90 / 12.20	12.05	+20.1%	-0.531	55.0%	24,062
11/05	20.05 / 21.25	20.65	+71.4%	-0.702	61.0%	24,011
11/06	13.60 / 13.80	13.70	-33.7%	-0.539	60.0%	23,846

02/19/27 (105d)

$145.00

21.20 / 22.40

21.80

-0.530

59.0%

2,797

5.5%

1.15

+0.08

$2,180.00

SPCX 02/19/27 $145.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	15.15 / 15.50	15.33		-0.450	47.0%	2,365
10/29	15.55 / 15.90	15.73	+2.6%	-0.474	46.0%	2,373
10/30	20.90 / 21.35	21.13	+34.3%	-0.530	55.0%	2,634
11/02	20.35 / 20.85	20.60	-2.5%	-0.514	57.0%	2,645
11/03	17.75 / 18.20	17.98	-12.7%	-0.467	57.0%	2,768
11/04	20.10 / 20.55	20.33	+13.1%	-0.529	56.0%	2,761
11/05	27.50 / 28.95	28.23	+38.9%	-0.641	59.0%	2,762
11/06	21.20 / 22.40	21.80	-22.8%	-0.530	59.0%	2,797

01/15/27 (70d)

$140.00

15.80 / 16.20

16.00

-0.511

58.0%

21,664

2.5%

1.19

+0.10

$1,600.00

SPCX 01/15/27 $140.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	9.90 / 10.15	10.03		-0.396	47.0%	20,929
10/29	9.95 / 10.50	10.23	+2.0%	-0.417	46.0%	21,071
10/30	15.15 / 15.40	15.28	+49.4%	-0.508	54.0%	21,440
11/02	14.60 / 14.85	14.73	-3.6%	-0.489	56.0%	21,683
11/03	12.15 / 12.40	12.28	-16.6%	-0.435	51.0%	21,933
11/04	14.15 / 14.40	14.28	+16.3%	-0.507	54.0%	21,964
11/05	21.70 / 23.05	22.38	+56.7%	-0.648	59.0%	21,726
11/06	15.80 / 16.20	16.00	-28.5%	-0.511	58.0%	21,664

12/11/26 (35d)

$135.00

9.90 / 10.40

10.15

-0.472

61.0%

609

4.9%

1.29

+0.14

$1,015.00

SPCX 12/11/26 $135.00 PUT — last 7 day price history (nightly pulls, mark)

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/29	4.75 / 5.75	5.25		-0.326	46.0%	0
10/30	9.40 / 10.05	9.73	+85.3%	-0.466	52.0%	30
11/02	9.00 / 9.75	9.38	-3.6%	-0.443	56.0%	339
11/03	7.00 / 7.35	7.18	-23.5%	-0.365	56.0%	382
11/04	8.30 / 8.85	8.57	+19.4%	-0.456	52.0%	383
11/05	16.05 / 17.10	16.58	+93.5%	-0.648	63.0%	454
11/06	9.90 / 10.40	10.15	-38.8%	-0.472	61.0%	609

12/18/26 (42d)

$135.00

10.80 / 11.20

11.00

-0.467

61.0%

22,508

3.6%

1.31

+0.14

$1,100.00

SPCX 12/18/26 $135.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	5.80 / 6.00	5.90		-0.316	48.0%	25,451
10/29	6.05 / 6.25	6.15	+4.2%	-0.337	48.0%	26,830
10/30	10.30 / 10.45	10.38	+68.8%	-0.462	52.0%	26,900
11/02	9.90 / 10.10	10.00	-3.7%	-0.439	55.0%	27,741
11/03	7.70 / 7.95	7.83	-21.7%	-0.367	55.0%	27,805
11/04	9.30 / 9.55	9.43	+20.4%	-0.455	52.0%	25,167
11/05	16.55 / 17.65	17.10	+81.3%	-0.632	63.0%	24,516
11/06	10.80 / 11.20	11.00	-35.7%	-0.467	61.0%	22,508

02/19/27 (105d)

$140.00

18.50 / 19.15

18.83

-0.484

59.0%

6,700

3.5%

1.26

+0.13

$1,883.00

SPCX 02/19/27 $140.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	12.70 / 13.00	12.85		-0.398	48.0%	6,150
10/29	13.00 / 13.35	13.18	+2.6%	-0.419	47.0%	6,154
10/30	17.85 / 18.35	18.10	+37.3%	-0.484	55.0%	6,199
11/02	17.50 / 17.80	17.65	-2.5%	-0.469	57.0%	6,333
11/03	15.15 / 15.45	15.30	-13.3%	-0.427	52.0%	6,517
11/04	17.25 / 17.60	17.43	+13.9%	-0.482	56.0%	6,535
11/05	24.15 / 25.35	24.75	+42.0%	-0.598	60.0%	6,619
11/06	18.50 / 19.15	18.83	-23.9%	-0.484	59.0%	6,700

01/15/27 (70d)

$135.00

13.20 / 13.45

13.33

-0.457

55.0%

15,217

1.9%

1.33

+0.15

$1,333.00

SPCX 01/15/27 $135.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	7.80 / 8.05	7.93		-0.334	47.0%	14,714
10/29	8.00 / 8.25	8.13	+2.5%	-0.352	46.0%	15,043
10/30	12.40 / 12.65	12.53	+54.1%	-0.455	50.0%	15,112
11/02	12.05 / 12.35	12.20	-2.6%	-0.434	52.0%	15,894
11/03	9.90 / 10.15	10.03	-17.8%	-0.375	52.0%	15,841
11/04	11.55 / 11.80	11.68	+16.5%	-0.449	50.0%	16,052
11/05	18.60 / 19.50	19.05	+63.1%	-0.591	60.0%	16,101
11/06	13.20 / 13.45	13.33	-30.0%	-0.457	55.0%	15,217

02/19/27 (105d)

$135.00

15.85 / 16.50

16.18

-0.445

55.0%

9,274

4.0%

1.37

+0.16

$1,618.00

SPCX 02/19/27 $135.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	10.45 / 10.80	10.63		-0.347	48.0%	9,112
10/29	10.65 / 10.90	10.78	+1.4%	-0.365	47.0%	9,111
10/30	15.20 / 15.45	15.33	+42.2%	-0.443	51.0%	9,143
11/02	14.90 / 15.15	15.03	-2.0%	-0.427	53.0%	9,159
11/03	12.85 / 13.10	12.98	-13.6%	-0.378	53.0%	9,262
11/04	14.50 / 14.90	14.70	+13.3%	-0.439	51.0%	9,274
11/05	21.20 / 21.95	21.58	+46.8%	-0.552	60.0%	9,308
11/06	15.85 / 16.50	16.18	-25.0%	-0.445	55.0%	9,274

12/11/26 (35d)

$130.00

7.55 / 8.05

7.80

-0.393

59.0%

600

6.4%

1.55

+0.22

$780.00

SPCX 12/11/26 $130.00 PUT — last 7 day price history (nightly pulls, mark)

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/29	3.60 / 4.15	3.88		-0.252	48.0%	0
10/30	4.55 / 7.70	6.13	+58.0%	-0.378	46.0%	109
11/02	6.95 / 7.40	7.18	+17.1%	-0.365	57.0%	224
11/03	5.00 / 5.55	5.28	-26.5%	-0.291	56.0%	356
11/04	6.20 / 6.65	6.43	+21.8%	-0.369	53.0%	373
11/05	12.85 / 14.15	13.50	+110.0%	-0.567	63.0%	427
11/06	7.55 / 8.05	7.80	-42.2%	-0.393	59.0%	600

12/18/26 (42d)

$130.00

8.50 / 8.80

8.65

-0.396

59.0%

24,795

3.5%

1.54

+0.21

$865.00

SPCX 12/18/26 $130.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	4.25 / 4.40	4.33		-0.248	49.0%	27,237
10/29	4.40 / 4.60	4.50	+3.9%	-0.265	49.0%	28,100
10/30	8.00 / 8.20	8.10	+80.0%	-0.386	53.0%	28,723
11/02	7.75 / 7.95	7.85	-3.1%	-0.367	56.0%	30,460
11/03	5.90 / 6.10	6.00	-23.6%	-0.299	56.0%	30,909
11/04	7.10 / 7.30	7.20	+20.0%	-0.374	53.0%	31,293
11/05	13.75 / 14.40	14.08	+95.6%	-0.559	64.0%	31,495
11/06	8.50 / 8.80	8.65	-38.6%	-0.396	59.0%	24,795

01/15/27 (70d)

$130.00

10.80 / 11.10

10.95

-0.396

56.0%

15,060

2.7%

1.54

+0.21

$1,095.00

SPCX 01/15/27 $130.00 PUT — last 7 day price history (nightly pulls, mark)

10/28

10/29

10/30

11/02

11/03

11/04

11/05

11/06

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/28	6.05 / 6.20	6.13		-0.275	48.0%	14,415
10/29	6.15 / 6.40	6.28	+2.4%	-0.290	47.0%	14,525
10/30	10.05 / 10.25	10.15	+61.6%	-0.391	51.0%	14,590
11/02	9.80 / 9.95	9.88	-2.7%	-0.374	53.0%	14,840
11/03	7.95 / 8.20	8.07	-18.3%	-0.318	53.0%	15,051
11/04	9.25 / 9.50	9.38	+16.2%	-0.383	51.0%	15,049
11/05	15.60 / 16.35	15.98	+70.4%	-0.531	60.0%	15,209
11/06	10.80 / 11.10	10.95	-31.5%	-0.396	56.0%	15,060

SCENARIOS — SPCX DOWN MOVE, HOLDING 61 SHARES + 1x 12/18/26 $145.00 PUT (estimate ⓘ)

Move	Price	Shares P/L	Put P/L (1x)	Net P/L
-5%	$127.56	$-409.52	+$439.73	$30.21
-10%	$120.84	$-819.05	+$942.56	$123.51
-15%	$114.13	$-1,228.57	+$1,508.49	$279.92
-20%	$107.42	$-1,638.09	+$2,137.52	$499.43

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.