SpaceX shares are doing something very unusual. Options traders are taking note

After an explosive debut and equally impressive crash, SpaceX shares are now, well, hovering in midair.After debuting as the most volatile stock among its large-cap peers, Elon Musk's astronomic equity hasn't moved in three weeks, with shares trading in a $10-range around the $140 level. Implied volatility, a rough measure of the costs of options, in SpaceX is now 57, down from over 120 prior to its earnings report, ThinkOrSwim data show. On its debut, it would have been the most volatile stock in the S&P 500. Today, it wouldn't crack the top 25.Bulls will argue the calm enveloping SpaceX is a testament to the conviction of insiders and early investors who held onto shares the past month despite the end of the company's first equity lockup period. Investors should also not underestimate the smoothing effect of SpaceX's inclusion into major indexes like the Nasdaq-100 and Russell 1000."If you're a wild man raised by wolves in the forest you're going to have a different vol than the guy who lives in the city who's going to have an average personality of the city he lives in," said Noel Smith, CIO and founder of Convex Asset Management, who correctly predicted in June that SpaceX ...