Delta Neutral

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Friday, July 17, 2026

nightly pull 2026-07-17 18:06

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SPCX OUTLOOK: BEARISH PROTECTIVE PUT CYCLE chain: 2026-07-17 18:06:21.518701

Last Price

$123.99

close $131.11

Position Value

$7,563.39

Share Delta

+0.61

Hedged Delta

0.00

Net Delta

+0.61

UNHEDGED

★ Recommended hedge: BUY 1x SPCX 08/21/26 $135.00 PUT @ ~20.35 ($2,035.00) — delta -0.570 vs share delta +0.61 → net +0.04. OI 20,431, IV 89.0%, spread 1.5%. 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)

08/21/26 (35d)

$135.00

20.20 / 20.50

20.35

-0.570

89.0%

20,431

1.5%

1.07

+0.04

$2,035.00

SPCX 08/21/26 $135.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	11.10 / 11.30	11.20		-0.325	86.0%	15,495
07/09	9.90 / 10.20	10.05	-10.3%	-0.296	87.0%	16,413
07/10	11.20 / 11.50	11.35	+12.9%	-0.348	83.0%	16,484
07/13	13.20 / 13.50	13.35	+17.6%	-0.407	84.0%	18,341
07/14	14.50 / 14.70	14.60	+9.4%	-0.437	85.0%	18,514
07/15	14.30 / 14.50	14.40	-1.4%	-0.448	83.0%	19,909
07/16	16.30 / 16.80	16.55	+14.9%	-0.489	88.0%	20,114
07/17	20.20 / 20.50	20.35	+23.0%	-0.570	89.0%	20,431

08/28/26 (42d)

$135.00

20.10 / 21.70

20.90

-0.556

87.0%

731

7.7%

1.10

+0.05

$2,090.00

SPCX 08/28/26 $135.00 PUT — last 7 day price history (nightly pulls, mark)

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/09	10.50 / 12.00	11.25		-0.304	86.0%	0
07/10	11.80 / 13.00	12.40	+10.2%	-0.353	81.0%	28
07/13	14.10 / 14.60	14.35	+15.7%	-0.407	82.0%	91
07/14	15.30 / 15.80	15.55	+8.4%	-0.427	85.0%	447
07/15	15.10 / 15.60	15.35	-1.3%	-0.444	82.0%	537
07/16	17.30 / 17.80	17.55	+14.3%	-0.480	85.0%	579
07/17	20.10 / 21.70	20.90	+19.1%	-0.556	87.0%	731

08/28/26 (42d)

$134.00

19.30 / 21.70

20.50

-0.547

87.0%

121

11.7%

1.12

+0.06

$2,050.00

SPCX 08/28/26 $134.00 PUT — last 7 day price history (nightly pulls, mark)

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/09	10.20 / 11.20	10.70		-0.295	85.0%	0
07/10	11.30 / 12.40	11.85	+10.7%	-0.344	81.0%	24
07/13	13.60 / 14.20	13.90	+17.3%	-0.397	83.0%	31
07/14	14.70 / 15.20	14.95	+7.6%	-0.418	85.0%	185
07/15	14.60 / 15.10	14.85	-0.7%	-0.433	82.0%	192
07/16	16.70 / 17.20	16.95	+14.1%	-0.467	88.0%	198
07/17	19.30 / 21.70	20.50	+20.9%	-0.547	87.0%	121

09/18/26 (63d)

$135.00

23.20 / 23.80

23.50

-0.530

84.0%

29,522

2.6%

1.15

+0.08

$2,350.00

SPCX 09/18/26 $135.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	14.50 / 15.10	14.80		-0.335	81.0%	16,802
07/09	13.50 / 13.90	13.70	-7.4%	-0.309	83.0%	18,749
07/10	14.90 / 15.20	15.05	+9.9%	-0.354	80.0%	18,876
07/13	16.90 / 17.10	17.00	+13.0%	-0.403	79.0%	20,024
07/14	18.00 / 18.30	18.15	+6.8%	-0.426	80.0%	23,944
07/15	17.80 / 18.10	17.95	-1.1%	-0.437	78.0%	26,112
07/16	20.00 / 20.20	20.10	+12.0%	-0.465	84.0%	25,773
07/17	23.20 / 23.80	23.50	+16.9%	-0.530	84.0%	29,522

08/21/26 (35d)

$130.00

16.70 / 17.20

16.95

-0.515

89.0%

14,396

2.9%

1.18

+0.09

$1,695.00

SPCX 08/21/26 $130.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	9.10 / 9.50	9.30		-0.282	87.0%	9,099
07/09	8.20 / 8.40	8.30	-10.8%	-0.255	88.0%	9,575
07/10	9.20 / 9.40	9.30	+12.0%	-0.300	84.0%	10,136
07/13	10.90 / 11.10	11.00	+18.3%	-0.355	85.0%	10,573
07/14	12.00 / 12.20	12.10	+10.0%	-0.384	86.0%	12,257
07/15	11.80 / 12.00	11.90	-1.7%	-0.393	84.0%	12,625
07/16	13.70 / 14.00	13.85	+16.4%	-0.436	87.0%	13,436
07/17	16.70 / 17.20	16.95	+22.4%	-0.515	89.0%	14,396

08/28/26 (42d)

$130.00

17.60 / 18.30

17.95

-0.506

87.0%

527

3.9%

1.21

+0.10

$1,795.00

SPCX 08/28/26 $130.00 PUT — last 7 day price history (nightly pulls, mark)

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/10	9.70 / 10.40	10.05		-0.307	81.0%	0
07/13	11.70 / 12.30	12.00	+19.4%	-0.358	83.0%	32
07/14	12.80 / 13.20	13.00	+8.3%	-0.379	86.0%	292
07/15	12.60 / 13.10	12.85	-1.2%	-0.392	82.0%	343
07/16	14.50 / 15.00	14.75	+14.8%	-0.429	86.0%	498
07/17	17.60 / 18.30	17.95	+21.7%	-0.506	87.0%	527

10/16/26 (91d)

$135.00

25.70 / 26.10

25.90

-0.506

80.0%

9,658

1.5%

1.21

+0.10

$2,590.00

SPCX 10/16/26 $135.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	17.10 / 17.80	17.45		-0.339	77.0%	965
07/09	16.10 / 16.40	16.25	-6.9%	-0.315	78.0%	9,544
07/10	17.40 / 17.70	17.55	+8.0%	-0.354	76.0%	9,529
07/13	19.30 / 19.70	19.50	+11.1%	-0.398	76.0%	9,508
07/14	20.40 / 20.80	20.60	+5.6%	-0.419	76.0%	9,568
07/15	20.30 / 20.70	20.50	-0.5%	-0.427	75.0%	9,561
07/16	22.50 / 22.80	22.65	+10.5%	-0.450	81.0%	9,615
07/17	25.70 / 26.10	25.90	+14.3%	-0.506	80.0%	9,658

09/18/26 (63d)

$130.00

20.20 / 20.50

20.35

-0.486

84.0%

18,381

1.5%

1.26

+0.12

$2,035.00

SPCX 09/18/26 $130.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	12.40 / 13.00	12.70		-0.299	82.0%	5,827
07/09	11.60 / 11.80	11.70	-7.9%	-0.275	83.0%	5,841
07/10	12.70 / 13.00	12.85	+9.8%	-0.315	80.0%	5,975
07/13	14.30 / 14.70	14.50	+12.8%	-0.361	80.0%	6,273
07/14	15.40 / 15.70	15.55	+7.2%	-0.384	81.0%	6,828
07/15	15.20 / 15.50	15.35	-1.3%	-0.393	78.0%	7,157
07/16	17.10 / 17.50	17.30	+12.7%	-0.425	81.0%	18,235
07/17	20.20 / 20.50	20.35	+17.6%	-0.486	84.0%	18,381

08/21/26 (35d)

$125.00

14.00 / 14.20

14.10

-0.459

90.0%

34,128

1.4%

1.33

+0.15

$1,410.00

SPCX 08/21/26 $125.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	7.50 / 7.70	7.60		-0.242	88.0%	5,377
07/09	6.60 / 6.90	6.75	-11.2%	-0.217	89.0%	30,234
07/10	7.40 / 7.60	7.50	+11.1%	-0.256	85.0%	30,819
07/13	8.80 / 9.10	8.95	+19.3%	-0.305	86.0%	31,699
07/14	9.70 / 9.90	9.80	+9.5%	-0.332	86.0%	32,232
07/15	9.60 / 9.80	9.70	-1.0%	-0.339	85.0%	32,812
07/16	11.30 / 11.50	11.40	+17.5%	-0.380	88.0%	32,857
07/17	14.00 / 14.20	14.10	+23.7%	-0.459	90.0%	34,128

08/28/26 (42d)

$125.00

14.80 / 15.30

15.05

-0.451

89.0%

439

3.3%

1.35

+0.16

$1,505.00

SPCX 08/28/26 $125.00 PUT — last 7 day price history (nightly pulls, mark)

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/10	7.90 / 8.60	8.25		-0.264	82.0%	0
07/13	9.60 / 10.20	9.90	+20.0%	-0.311	84.0%	29
07/14	10.50 / 11.00	10.75	+8.6%	-0.331	86.0%	229
07/15	10.40 / 10.80	10.60	-1.4%	-0.341	83.0%	302
07/16	12.00 / 12.50	12.25	+15.6%	-0.378	86.0%	322
07/17	14.80 / 15.30	15.05	+22.9%	-0.451	89.0%	439

10/16/26 (91d)

$130.00

22.50 / 23.00

22.75

-0.467

81.0%

6,457

2.2%

1.31

+0.14

$2,275.00

SPCX 10/16/26 $130.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	14.90 / 15.50	15.20		-0.306	78.0%	3,566
07/09	13.90 / 14.30	14.10	-7.2%	-0.284	79.0%	3,535
07/10	15.10 / 15.40	15.25	+8.2%	-0.320	77.0%	4,618
07/13	16.70 / 17.10	16.90	+10.8%	-0.361	76.0%	4,637
07/14	17.80 / 18.10	17.95	+6.2%	-0.381	76.0%	5,944
07/15	17.70 / 18.00	17.85	-0.6%	-0.388	75.0%	6,167
07/16	19.70 / 20.00	19.85	+11.2%	-0.418	77.0%	6,446
07/17	22.50 / 23.00	22.75	+14.6%	-0.467	81.0%	6,457

09/18/26 (63d)

$125.00

17.20 / 17.60

17.40

-0.442

84.0%

12,187

2.3%

1.38

+0.17

$1,740.00

SPCX 09/18/26 $125.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	10.50 / 11.10	10.80		-0.264	83.0%	2,271
07/09	9.80 / 10.10	9.95	-7.9%	-0.242	84.0%	9,869
07/10	10.70 / 11.00	10.85	+9.0%	-0.278	81.0%	10,112
07/13	12.10 / 12.50	12.30	+13.4%	-0.320	81.0%	10,299
07/14	13.10 / 13.40	13.25	+7.7%	-0.341	81.0%	11,082
07/15	12.90 / 13.20	13.05	-1.5%	-0.348	79.0%	11,236
07/16	14.60 / 14.90	14.75	+13.0%	-0.381	82.0%	11,247
07/17	17.20 / 17.60	17.40	+18.0%	-0.442	84.0%	12,187

08/21/26 (35d)

$120.00

11.40 / 11.60

11.50

-0.402

88.0%

14,488

1.7%

1.52

+0.21

$1,150.00

SPCX 08/21/26 $120.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	6.10 / 6.40	6.25		-0.205	89.0%	7,113
07/09	5.30 / 5.50	5.40	-13.6%	-0.181	89.0%	7,414
07/10	5.90 / 6.10	6.00	+11.1%	-0.214	86.0%	9,790
07/13	7.00 / 7.30	7.15	+19.2%	-0.258	87.0%	10,349
07/14	7.80 / 8.00	7.90	+10.5%	-0.282	87.0%	12,293
07/15	7.70 / 7.90	7.80	-1.3%	-0.287	86.0%	13,152
07/16	9.10 / 9.30	9.20	+17.9%	-0.326	89.0%	13,935
07/17	11.40 / 11.60	11.50	+25.0%	-0.402	88.0%	14,488

10/16/26 (91d)

$125.00

19.60 / 20.10

19.85

-0.429

82.0%

1,753

2.5%

1.42

+0.18

$1,985.00

SPCX 10/16/26 $125.00 PUT — last 7 day price history (nightly pulls, mark)

07/08

07/09

07/10

07/13

07/14

07/15

07/16

07/17

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
07/08	12.80 / 13.50	13.15		-0.275	79.0%	675
07/09	12.00 / 12.40	12.20	-7.2%	-0.254	80.0%	690
07/10	12.90 / 13.20	13.05	+7.0%	-0.286	77.0%	738
07/13	14.40 / 14.80	14.60	+11.9%	-0.324	77.0%	1,501
07/14	15.30 / 15.70	15.50	+6.2%	-0.344	77.0%	1,530
07/15	15.20 / 15.50	15.35	-1.0%	-0.349	76.0%	1,535
07/16	17.10 / 17.40	17.25	+12.4%	-0.379	77.0%	1,558
07/17	19.60 / 20.10	19.85	+15.1%	-0.429	82.0%	1,753

SCENARIOS — SPCX DOWN MOVE, HOLDING 61 SHARES + 1x 08/21/26 $135.00 PUT (estimate ⓘ)

Move	Price	Shares P/L	Put P/L (1x)	Net P/L
-5%	$117.79	$-378.17	+$374.51	$-3.66
-10%	$111.59	$-756.34	+$791.30	$34.96
-15%	$105.39	$-1,134.51	+$1,250.36	$115.85
-20%	$99.19	$-1,512.68	+$1,751.70	$239.03

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.