FCXFreeport-McMoran Inc.
FCX Options Overview
IV is elevated with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
FCX Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 89.0% — elevated vs history
IV/HV 0.91x — IV ≤ HV
Sector percentile 90% — above sector median
Front/Back 0.99x — contango
Put/Call IV 1.16x — elevated
ATM IV 50.4% — normal range
Effective IV 66.1% (ATM 50.4% + spread 7.9% + bias) — fair
Total drag 11.97% (spread 7.86% + slippage 4.11%) — high friction
Vega efficiency 1.67 (vega 1.314 / spread 7.86%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -15% (bearish) — Raw: -13%
|OI skew| 2.2% — balanced
Vol skew +37.6%, OI skew +2.2% — aligned
0-DTE 12%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +29%, ATM: +11%, OTM: -26% — bullish (ITM/ATM aligned)
Sector P/C percentile 20% — very bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 1.7x avg — elevated
Vol/OI 8.6% — normal turnover
1 day(s) elevated — may be one-day event
OI change +1.7% (5d) — stable
Sector activity percentile 85% — very active vs sector
Large trade volume 45% — institutional presence
Aggressive execution 37% — patient
Conviction -15 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 7.9% — wide
OI 1,102,439 — deep
Volume 94,788/day — active
$0.39 to cross — cheap
0 liquid strikes — limited options
Sector spread percentile 90% — much wider than sector
Depth 411.9 contracts (bid:219.4 ask:192.5) — adequate
Avg slippage 4.11% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -1.2% — flat/unclear
IV percentile 89% — seller opportunity
IV kink -0.4pts — no clear event
θ/ν ratio 2.88 — favors income trades
5 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -15% @ 57% consistency — unclear
Score 75 (ITM 20% + inst 45%) — HIGH institutional
Directional Strategy Fit
For educational purposes only. Not investment advice.
The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.