Delta Neutral

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Friday, October 16, 2026

nightly pull 2026-10-16 21:56

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SPCX OUTLOOK: BEARISH PROTECTIVE PUT CYCLE chain: 2026-10-16 21:56:48.643534

Last Price

$146.03

close $148.62

Position Value

$8,907.83

Share Delta

+0.61

Hedged Delta

0.00

Net Delta

+0.61

UNHEDGED

★ Recommended hedge: BUY 1x SPCX 11/20/26 $155.00 PUT @ ~15.35 ($1,535.00) — delta -0.600 vs share delta +0.61 → net +0.01. OI 10,691, IV 58.0%, spread 2.6%. 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)

11/20/26 (34d)

$155.00

15.15 / 15.55

15.35

-0.600

58.0%

10,691

2.6%

1.02

+0.01

$1,535.00

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

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	5.30 / 5.40	5.35		-0.262	50.0%	4,380
10/06	4.90 / 5.05	4.97	-7.1%	-0.251	50.0%	6,986
10/07	5.85 / 6.00	5.93	+19.3%	-0.296	49.0%	7,248
10/08	8.10 / 8.30	8.20	+38.3%	-0.385	49.0%	11,904
10/12	6.60 / 6.85	6.73	-17.9%	-0.343	50.0%	11,243
10/13	9.20 / 9.30	9.25	+37.4%	-0.443	50.0%	12,338
10/14	11.45 / 11.60	11.52	+24.5%	-0.507	54.0%	13,160
10/16	15.15 / 15.55	15.35	+33.2%	-0.600	58.0%	10,691

11/27/26 (41d)

$155.00

15.45 / 16.40

15.93

-0.598

53.0%

245

6.0%

1.02

+0.01

$1,593.00

SPCX 11/27/26 $155.00 PUT — last 7 day price history (nightly pulls, mark)

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/08	7.70 / 9.10	8.40		-0.385	47.0%	0
10/12	7.00 / 7.40	7.20	-14.3%	-0.348	48.0%	37
10/13	9.65 / 9.95	9.80	+36.1%	-0.439	49.0%	53
10/14	11.60 / 12.45	12.02	+22.7%	-0.504	53.0%	260
10/16	15.45 / 16.40	15.93	+32.5%	-0.598	53.0%	245

12/18/26 (62d)

$160.00

20.30 / 21.10

20.70

-0.619

53.0%

6,111

3.9%

0.99

-0.01

$2,070.00

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

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	9.35 / 9.50	9.43		-0.339	48.0%	2,842
10/06	8.85 / 9.00	8.93	-5.3%	-0.330	47.0%	3,652
10/07	10.15 / 10.30	10.23	+14.6%	-0.374	46.0%	4,782
10/08	12.75 / 13.20	12.98	+26.9%	-0.452	47.0%	4,996
10/12	11.50 / 11.75	11.63	-10.4%	-0.420	47.0%	5,081
10/13	14.35 / 14.55	14.45	+24.2%	-0.497	51.0%	6,064
10/14	16.85 / 17.10	16.98	+17.5%	-0.546	52.0%	6,361
10/16	20.30 / 21.10	20.70	+21.9%	-0.619	53.0%	6,111

01/15/27 (90d)

$160.00

22.40 / 22.80

22.60

-0.588

52.0%

5,112

1.8%

1.04

+0.02

$2,260.00

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

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	11.20 / 11.40	11.30		-0.348	46.0%	2,066
10/06	10.65 / 10.80	10.73	-5.0%	-0.340	45.0%	2,214
10/07	12.00 / 12.15	12.08	+12.6%	-0.378	45.0%	2,816
10/08	14.80 / 15.05	14.93	+23.6%	-0.448	45.0%	2,875
10/12	13.55 / 13.75	13.65	-8.6%	-0.419	46.0%	2,875
10/13	16.30 / 16.50	16.40	+20.1%	-0.483	50.0%	3,873
10/14	18.70 / 19.00	18.85	+14.9%	-0.526	51.0%	4,780
10/16	22.40 / 22.80	22.60	+19.9%	-0.588	52.0%	5,112

11/27/26 (41d)

$160.00

18.80 / 19.45

19.13

-0.662

54.0%

177

3.4%

0.92

-0.05

$1,913.00

SPCX 11/27/26 $160.00 PUT — last 7 day price history (nightly pulls, mark)

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/08	10.70 / 11.50	11.10		-0.455	48.0%	0
10/12	6.90 / 9.95	8.43	-24.1%	-0.417	43.0%	69
10/13	11.85 / 12.70	12.27	+45.6%	-0.510	51.0%	85
10/14	14.50 / 15.70	15.10	+23.1%	-0.576	51.0%	120
10/16	18.80 / 19.45	19.13	+26.7%	-0.662	54.0%	177

11/20/26 (34d)

$160.00

18.60 / 19.15

18.88

-0.668

57.0%

11,832

2.9%

0.91

-0.06

$1,888.00

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

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	7.00 / 7.10	7.05		-0.322	50.0%	1,858
10/06	6.50 / 6.60	6.55	-7.1%	-0.310	49.0%	2,837
10/07	7.75 / 7.90	7.83	+19.5%	-0.362	49.0%	3,742
10/08	10.45 / 10.60	10.52	+34.4%	-0.458	49.0%	11,241
10/12	8.80 / 9.00	8.90	-15.4%	-0.417	49.0%	11,769
10/13	11.80 / 12.00	11.90	+33.7%	-0.516	53.0%	11,877
10/14	14.40 / 14.70	14.55	+22.3%	-0.580	54.0%	12,193
10/16	18.60 / 19.15	18.88	+29.8%	-0.668	57.0%	11,832

12/18/26 (62d)

$155.00

17.45 / 17.80

17.63

-0.563

54.0%

4,893

2.0%

1.08

+0.05

$1,763.00

SPCX 12/18/26 $155.00 PUT — last 7 day price history (nightly pulls, mark)

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	7.50 / 7.65	7.58		-0.288	48.0%	3,393
10/06	7.05 / 7.20	7.13	-5.9%	-0.279	47.0%	3,759
10/07	8.10 / 8.25	8.18	+14.7%	-0.319	47.0%	4,826
10/08	10.50 / 10.75	10.63	+30.0%	-0.393	47.0%	4,797
10/12	9.30 / 9.50	9.40	-11.6%	-0.361	48.0%	4,987
10/13	11.70 / 11.90	11.80	+25.5%	-0.441	47.0%	5,032
10/14	13.95 / 14.10	14.02	+18.8%	-0.488	53.0%	5,000
10/16	17.45 / 17.80	17.63	+25.7%	-0.563	54.0%	4,893

11/20/26 (34d)

$150.00

12.15 / 12.65

12.40

-0.527

58.0%

16,979

4.0%

1.16

+0.08

$1,240.00

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

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	3.95 / 4.05	4.00		-0.208	51.0%	11,919
10/06	3.60 / 3.70	3.65	-8.8%	-0.197	50.0%	20,758
10/07	4.35 / 4.45	4.40	+20.5%	-0.236	50.0%	21,022
10/08	6.15 / 6.25	6.20	+40.9%	-0.315	50.0%	21,110
10/12	4.95 / 5.10	5.03	-18.9%	-0.275	50.0%	19,183
10/13	6.90 / 7.05	6.98	+38.8%	-0.365	50.0%	19,143
10/14	8.85 / 9.05	8.95	+28.2%	-0.433	52.0%	16,304
10/16	12.15 / 12.65	12.40	+38.5%	-0.527	58.0%	16,979

11/27/26 (41d)

$150.00

12.15 / 13.10

12.63

-0.521

56.0%

806

7.5%

1.17

+0.09

$1,263.00

SPCX 11/27/26 $150.00 PUT — last 7 day price history (nightly pulls, mark)

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/08	6.25 / 6.95	6.60		-0.319	48.0%	0
10/12	5.20 / 5.90	5.55	-15.9%	-0.284	49.0%	106
10/13	7.25 / 7.75	7.50	+35.1%	-0.366	49.0%	150
10/14	9.15 / 9.95	9.55	+27.3%	-0.434	50.0%	237
10/16	12.15 / 13.10	12.63	+32.3%	-0.521	56.0%	806

01/15/27 (90d)

$155.00

19.20 / 19.55

19.38

-0.540

53.0%

2,412

1.8%

1.13

+0.07

$1,938.00

SPCX 01/15/27 $155.00 PUT — last 7 day price history (nightly pulls, mark)

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	9.25 / 9.40	9.32		-0.302	46.0%	2,258
10/06	8.75 / 9.00	8.88	-4.7%	-0.294	46.0%	2,031
10/07	9.90 / 10.05	9.98	+12.4%	-0.330	45.0%	1,968
10/08	12.35 / 12.60	12.48	+25.1%	-0.396	46.0%	2,031
10/12	11.25 / 11.45	11.35	-9.1%	-0.368	46.0%	2,154
10/13	13.60 / 13.80	13.70	+20.7%	-0.437	45.0%	2,185
10/14	15.80 / 16.05	15.93	+16.3%	-0.477	51.0%	2,197
10/16	19.20 / 19.55	19.38	+21.7%	-0.540	53.0%	2,412

12/18/26 (62d)

$150.00

14.50 / 14.65

14.58

-0.504

55.0%

17,671

1.0%

1.21

+0.11

$1,458.00

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

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	5.95 / 6.05	6.00		-0.241	48.0%	14,885
10/06	5.50 / 5.65	5.58	-7.0%	-0.231	48.0%	15,278
10/07	6.40 / 6.50	6.45	+15.6%	-0.266	47.0%	15,391
10/08	8.40 / 8.55	8.48	+31.5%	-0.335	47.0%	15,723
10/12	7.35 / 7.50	7.43	-12.4%	-0.305	48.0%	15,847
10/13	9.40 / 9.55	9.48	+27.6%	-0.378	48.0%	15,920
10/14	11.35 / 11.55	11.45	+20.8%	-0.432	49.0%	15,425
10/16	14.50 / 14.65	14.58	+27.3%	-0.504	55.0%	17,671

01/15/27 (90d)

$150.00

16.25 / 16.50

16.38

-0.490

53.0%

12,203

1.5%

1.24

+0.12

$1,638.00

SPCX 01/15/27 $150.00 PUT — last 7 day price history (nightly pulls, mark)

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	7.55 / 7.70	7.63		-0.259	47.0%	7,301
10/06	7.10 / 7.20	7.15	-6.3%	-0.250	46.0%	7,873
10/07	8.05 / 8.25	8.15	+14.0%	-0.283	46.0%	8,359
10/08	10.20 / 10.40	10.30	+26.4%	-0.345	46.0%	8,849
10/12	9.20 / 9.45	9.32	-9.5%	-0.319	47.0%	9,476
10/13	11.25 / 11.40	11.33	+21.6%	-0.383	46.0%	9,700
10/14	13.20 / 13.45	13.33	+17.7%	-0.430	47.0%	9,844
10/16	16.25 / 16.50	16.38	+22.9%	-0.490	53.0%	12,203

11/20/26 (34d)

$145.00

9.50 / 9.80

9.65

-0.453

56.0%

11,570

3.1%

1.35

+0.16

$965.00

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

10/05

10/06

10/07

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/05	2.91 / 2.97	2.94		-0.162	51.0%	9,168
10/06	2.64 / 2.72	2.68	-8.8%	-0.152	51.0%	9,357
10/07	3.15 / 3.25	3.20	+19.4%	-0.183	50.0%	9,381
10/08	4.55 / 4.65	4.60	+43.7%	-0.251	50.0%	9,819
10/12	3.55 / 3.70	3.63	-21.1%	-0.214	51.0%	10,254
10/13	5.10 / 5.20	5.15	+41.9%	-0.292	50.0%	10,587
10/14	6.70 / 6.90	6.80	+32.0%	-0.355	52.0%	11,105
10/16	9.50 / 9.80	9.65	+41.9%	-0.453	56.0%	11,570

11/27/26 (41d)

$145.00

9.30 / 10.55

9.93

-0.450

53.0%

489

12.6%

1.36

+0.16

$993.00

SPCX 11/27/26 $145.00 PUT — last 7 day price history (nightly pulls, mark)

10/08

10/12

10/13

10/14

10/16

Date	Bid / Ask	Mark	Chg	Delta	IV	OI
10/08	4.85 / 5.20	5.03		-0.257	49.0%	0
10/12	3.65 / 4.25	3.95	-21.5%	-0.221	49.0%	77
10/13	5.50 / 5.80	5.65	+43.0%	-0.297	49.0%	196
10/14	7.10 / 7.35	7.23	+28.0%	-0.359	50.0%	361
10/16	9.30 / 10.55	9.93	+37.3%	-0.450	53.0%	489

SCENARIOS — SPCX DOWN MOVE, HOLDING 61 SHARES + 1x 11/20/26 $155.00 PUT (estimate ⓘ)

Move	Price	Shares P/L	Put P/L (1x)	Net P/L
-5%	$138.73	$-445.39	+$478.07	$32.68
-10%	$131.43	$-890.78	+$1,036.12	$145.33
-15%	$124.13	$-1,336.17	+$1,674.13	$337.95
-20%	$116.82	$-1,781.57	+$2,392.10	$610.54

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.