Delta Neutral

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Wednesday, September 2, 2026

nightly pull 2026-09-02 18:05

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SPCX OUTLOOK: BEARISH PROTECTIVE PUT CYCLE chain: 2026-09-02 18:05:01.553745

Last Price

$140.71

close $142.23

Position Value

$8,583.31

Share Delta

+0.61

Hedged Delta

0.00

Net Delta

+0.61

UNHEDGED

★ Recommended hedge: BUY 1x SPCX 10/16/26 $150.00 PUT @ ~14.70 ($1,470.00) — delta -0.612 vs share delta +0.61 → net -0.00. OI 7,658, IV 49.0%, spread 2.7%. 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)

10/16/26 (44d)

$150.00

14.50 / 14.90

14.70

-0.612

49.0%

7,658

2.7%

1.00

-0.00

$1,470.00

SPCX 10/16/26 $150.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	20.05 / 20.60	20.33		-0.604	60.0%	7,504
08/25	18.50 / 18.95	18.73	-7.9%	-0.609	57.0%	7,538
08/26	17.40 / 17.70	17.55	-6.3%	-0.591	57.0%	7,547
08/27	15.80 / 16.15	15.98	-8.9%	-0.584	53.0%	7,545
08/28	14.75 / 15.20	14.98	-6.3%	-0.587	51.0%	7,587
08/31	13.30 / 13.70	13.50	-9.9%	-0.559	51.0%	7,585
09/01	13.90 / 14.20	14.05	+4.1%	-0.584	50.0%	7,601
09/02	14.50 / 14.90	14.70	+4.6%	-0.612	49.0%	7,658

10/02/26 (30d)

$146.00

10.05 / 10.90

10.48

-0.578

49.0%

101

8.1%

1.06

+0.03

$1,048.00

SPCX 10/02/26 $146.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	14.60 / 17.45	16.02		-0.583	59.0%	100
08/25	13.60 / 14.75	14.18	-11.5%	-0.585	56.0%	100
08/26	12.85 / 14.10	13.48	-4.9%	-0.565	56.0%	100
08/27	11.10 / 12.45	11.77	-12.7%	-0.553	52.0%	100
08/28	10.25 / 11.55	10.90	-7.4%	-0.551	50.0%	100
08/31	8.95 / 10.00	9.48	-13.0%	-0.515	50.0%	101
09/01	9.20 / 10.40	9.80	+3.4%	-0.544	50.0%	101
09/02	10.05 / 10.90	10.48	+6.9%	-0.578	49.0%	101

10/16/26 (44d)

$145.00

11.40 / 11.75

11.58

-0.535

50.0%

1,979

3.0%

1.14

+0.07

$1,158.00

SPCX 10/16/26 $145.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	16.70 / 17.35	17.02		-0.548	60.0%	1,515
08/25	15.30 / 15.70	15.50	-8.9%	-0.548	58.0%	1,565
08/26	14.15 / 14.55	14.35	-7.4%	-0.529	57.0%	1,641
08/27	12.75 / 12.95	12.85	-10.5%	-0.518	53.0%	1,646
08/28	11.80 / 12.35	12.08	-6.0%	-0.516	51.0%	1,681
08/31	10.50 / 10.70	10.60	-12.3%	-0.484	51.0%	1,731
09/01	11.00 / 11.15	11.08	+4.5%	-0.508	51.0%	1,850
09/02	11.40 / 11.75	11.58	+4.5%	-0.535	50.0%	1,979

11/20/26 (79d)

$150.00

18.55 / 19.05

18.80

-0.550

55.0%

1,604

2.7%

1.11

+0.06

$1,880.00

SPCX 11/20/26 $150.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	24.10 / 24.80	24.45		-0.547	65.0%	1,558
08/25	22.65 / 23.25	22.95	-6.1%	-0.548	62.0%	1,560
08/26	21.45 / 22.00	21.73	-5.3%	-0.538	61.0%	1,561
08/27	19.90 / 20.50	20.20	-7.0%	-0.532	58.0%	1,625
08/28	18.90 / 19.55	19.23	-4.8%	-0.533	56.0%	1,633
08/31	17.60 / 18.10	17.85	-7.2%	-0.512	56.0%	1,584
09/01	17.80 / 18.35	18.08	+1.3%	-0.530	55.0%	1,608
09/02	18.55 / 19.05	18.80	+4.0%	-0.550	55.0%	1,604

10/02/26 (30d)

$143.00

8.40 / 9.20

8.80

-0.519

49.0%

112

9.1%

1.18

+0.09

$880.00

SPCX 10/02/26 $143.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	12.70 / 15.45	14.08		-0.543	59.0%	18
08/25	11.85 / 13.00	12.43	-11.7%	-0.541	56.0%	17
08/26	11.30 / 11.50	11.40	-8.3%	-0.519	56.0%	19
08/27	9.85 / 10.05	9.95	-12.7%	-0.503	52.0%	19
08/28	9.10 / 9.35	9.23	-7.2%	-0.498	50.0%	19
08/31	7.80 / 7.95	7.88	-14.6%	-0.461	48.0%	19
09/01	8.20 / 8.40	8.30	+5.3%	-0.487	49.0%	98
09/02	8.40 / 9.20	8.80	+6.0%	-0.519	49.0%	112

10/02/26 (30d)

$142.00

8.10 / 8.25

8.18

-0.499

49.0%

152

1.8%

1.22

+0.11

$818.00

SPCX 10/02/26 $142.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	12.15 / 14.85	13.50		-0.529	59.0%	28
08/25	11.75 / 12.55	12.15	-10.0%	-0.525	56.0%	29
08/26	10.70 / 10.90	10.80	-11.1%	-0.505	55.0%	29
08/27	9.30 / 9.50	9.40	-13.0%	-0.488	51.0%	29
08/28	8.55 / 8.80	8.68	-7.7%	-0.481	50.0%	62
08/31	7.30 / 7.45	7.38	-15.0%	-0.442	48.0%	141
09/01	7.70 / 7.85	7.78	+5.4%	-0.469	47.0%	152
09/02	8.10 / 8.25	8.18	+5.1%	-0.499	49.0%	152

10/09/26 (37d)

$142.00

8.95 / 9.15

9.05

-0.496

50.0%

324

2.2%

1.23

+0.11

$905.00

SPCX 10/09/26 $142.00 PUT — last 7 day price history (nightly pulls, mark)

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/27	9.55 / 11.60	10.58		-0.487	53.0%	0
08/28	8.95 / 10.60	9.77	-7.7%	-0.482	53.0%	0
08/31	8.10 / 8.35	8.23	-15.8%	-0.452	46.0%	35
09/01	8.55 / 8.75	8.65	+5.1%	-0.465	48.0%	317
09/02	8.95 / 9.15	9.05	+4.6%	-0.496	50.0%	324

12/18/26 (107d)

$150.00

20.60 / 21.00

20.80

-0.527

54.0%

6,591

1.9%

1.16

+0.08

$2,080.00

SPCX 12/18/26 $150.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	26.25 / 26.65	26.45		-0.525	64.0%	6,125
08/25	24.75 / 25.15	24.95	-5.7%	-0.526	62.0%	6,155
08/26	23.45 / 23.75	23.60	-5.4%	-0.516	61.0%	6,180
08/27	22.00 / 22.25	22.13	-6.2%	-0.513	58.0%	6,223
08/28	21.10 / 21.35	21.23	-4.1%	-0.513	56.0%	6,329
08/31	19.65 / 19.85	19.75	-7.0%	-0.496	56.0%	6,535
09/01	20.00 / 20.20	20.10	+1.8%	-0.511	55.0%	6,446
09/02	20.60 / 21.00	20.80	+3.5%	-0.527	54.0%	6,591

10/09/26 (37d)

$141.00

8.45 / 8.65

8.55

-0.480

49.0%

177

2.3%

1.27

+0.13

$855.00

SPCX 10/09/26 $141.00 PUT — last 7 day price history (nightly pulls, mark)

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/27	9.00 / 10.85	9.93		-0.473	52.0%	0
08/28	8.15 / 10.80	9.48	-4.5%	-0.470	48.0%	11
08/31	7.65 / 7.85	7.75	-18.2%	-0.433	46.0%	24
09/01	8.05 / 8.25	8.15	+5.2%	-0.447	48.0%	170
09/02	8.45 / 8.65	8.55	+4.9%	-0.480	49.0%	177

11/20/26 (79d)

$145.00

15.65 / 15.85

15.75

-0.497

55.0%

3,505

1.3%

1.23

+0.11

$1,575.00

SPCX 11/20/26 $145.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	21.15 / 21.40	21.28		-0.506	64.0%	3,354
08/25	19.65 / 19.85	19.75	-7.2%	-0.505	62.0%	3,367
08/26	18.40 / 18.65	18.52	-6.2%	-0.493	61.0%	3,410
08/27	17.00 / 17.20	17.10	-7.7%	-0.484	58.0%	3,424
08/28	16.15 / 16.40	16.27	-4.9%	-0.482	56.0%	3,394
08/31	14.80 / 15.05	14.93	-8.2%	-0.461	56.0%	3,408
09/01	15.15 / 15.35	15.25	+2.1%	-0.478	55.0%	3,450
09/02	15.65 / 15.85	15.75	+3.3%	-0.497	55.0%	3,505

10/02/26 (30d)

$140.00

7.10 / 7.25

7.18

-0.460

46.0%

586

2.1%

1.33

+0.15

$718.00

SPCX 10/02/26 $140.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	12.25 / 12.50	12.38		-0.503	58.0%	292
08/25	10.70 / 10.90	10.80	-12.8%	-0.495	56.0%	330
08/26	9.60 / 9.80	9.70	-10.2%	-0.473	56.0%	341
08/27	8.25 / 8.45	8.35	-13.9%	-0.453	50.0%	371
08/28	7.55 / 7.80	7.68	-8.0%	-0.445	47.0%	334
08/31	6.35 / 6.50	6.43	-16.3%	-0.403	48.0%	328
09/01	6.70 / 6.90	6.80	+5.8%	-0.429	47.0%	563
09/02	7.10 / 7.25	7.18	+5.6%	-0.460	46.0%	586

10/09/26 (37d)

$140.00

7.90 / 8.15

8.03

-0.463

46.0%

229

3.1%

1.32

+0.15

$803.00

SPCX 10/09/26 $140.00 PUT — last 7 day price history (nightly pulls, mark)

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/27	8.50 / 10.05	9.28		-0.459	49.0%	0
08/28	7.95 / 8.75	8.35	-10.0%	-0.454	45.0%	12
08/31	7.15 / 7.40	7.28	-12.8%	-0.415	46.0%	29
09/01	7.55 / 7.80	7.68	+5.5%	-0.429	48.0%	160
09/02	7.90 / 8.15	8.03	+4.6%	-0.463	46.0%	229

10/16/26 (44d)

$140.00

8.75 / 8.95

8.85

-0.456

47.0%

6,647

2.3%

1.34

+0.15

$885.00

SPCX 10/16/26 $140.00 PUT — last 7 day price history (nightly pulls, mark)

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	13.95 / 14.15	14.05		-0.489	61.0%	4,402
08/25	12.45 / 12.60	12.52	-10.9%	-0.484	58.0%	4,845
08/26	11.35 / 11.55	11.45	-8.5%	-0.466	53.0%	5,033
08/27	9.95 / 10.15	10.05	-12.2%	-0.449	50.0%	5,054
08/28	9.25 / 9.45	9.35	-7.0%	-0.443	48.0%	5,213
08/31	8.00 / 8.20	8.10	-13.4%	-0.408	48.0%	5,606
09/01	8.40 / 8.50	8.45	+4.3%	-0.431	48.0%	6,582
09/02	8.75 / 8.95	8.85	+4.7%	-0.456	47.0%	6,647

12/18/26 (107d)

$145.00

17.60 / 17.80

17.70

-0.482

54.0%

4,364

1.1%

1.27

+0.13

$1,770.00

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

08/21

08/25

08/26

08/27

08/28

08/31

09/01

09/02

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
08/21	23.20 / 23.45	23.33		-0.488	64.0%	3,979
08/25	21.70 / 21.90	21.80	-6.6%	-0.487	62.0%	3,981
08/26	20.40 / 20.65	20.53	-5.8%	-0.477	61.0%	3,979
08/27	19.00 / 19.25	19.13	-6.8%	-0.470	58.0%	3,984
08/28	18.10 / 18.40	18.25	-4.6%	-0.469	57.0%	3,986
08/31	16.80 / 17.05	16.93	-7.2%	-0.458	51.0%	3,990
09/01	17.10 / 17.35	17.23	+1.8%	-0.465	55.0%	4,319
09/02	17.60 / 17.80	17.70	+2.7%	-0.482	54.0%	4,364

SCENARIOS — SPCX DOWN MOVE, HOLDING 61 SHARES + 1x 10/16/26 $150.00 PUT (estimate ⓘ)

Move	Price	Shares P/L	Put P/L (1x)	Net P/L
-5%	$133.67	$-429.17	+$470.17	$41.01
-10%	$126.64	$-858.33	+$1,019.54	$161.21
-15%	$119.60	$-1,287.50	+$1,648.11	$360.61
-20%	$112.57	$-1,716.66	+$2,355.87	$639.21

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.