FCXFreeport-McMoran Inc.
Options Analysis Report•METAL MINING
Market Cap $100.9B|NYSE
● 2026-04-17$70.21
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +113.1%YTD +35.2%7D +3.6%
Options Vol
30,911
30D
Implied Move
±14.9%
IV Rank
56%
FCX Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 84.7% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.08x — IV premium over HV
Sector Relative≤50%
Sector percentile 70% — above sector median
Term Structure
<1.1xFront/Back 1.19x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 52.3% — normal range
Spread-Adjusted Value
<80%Effective IV 66.6% (ATM 52.3% + spread 7.1% + bias) — fair
Execution Efficiency
<3.0%Total drag 10.66% (spread 7.13% + slippage 3.53%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.64 (vega 1.168 / spread 7.13%) — spread drag
Sentiment
Bullish or bearish?
5.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: +4%, Raw: +1%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +4% (neutral) — Raw: +1%
OI Skew Magnitude
≥15%|OI skew| 3.2% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +9.4%, OI skew -3.2% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 19%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +0%, ATM: +7%, OTM: -2% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 60% — bearish vs sector
Activity
Unusual activity?
3.0
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 2.6% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +3.5% (5d) — building
Sector Relative≥60%
Sector activity percentile 30% — below sector avg
Trade Quality
≥30%Large trade volume 32% — institutional presence
Execution Urgency
≥60%Aggressive execution 41% — patient
Flow Conviction
≥30Conviction +4 (bullish) — mixed
Liquidity
Can I trade efficiently?
5.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 7.1% — wide
Adequate OI
≥10,000OI 1,194,722 — deep
Active Volume
≥500Volume 30,911/day — active
Reasonable Cost
≤$0.50$0.36 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 70% — wider than sector
Order Book Depth
≥100 contractsDepth 666.4000000000001 contracts (bid:316.1 ask:350.3) — deep
Execution Quality
<1.0%Avg slippage 3.53% — poor
Timing
Is now a good time?
7.1
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +19.5% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 85% — seller opportunity
Event Detection
≥10pts kinkIV kink 7.5pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 3.34 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: Earnings in 6d (elevated risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +4% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 62 (ITM 20% + inst 32%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.1
bullishIV fair, mixed flow
Long Puts4.9
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.7
bullishIV fair, mixed flow
Covered Call5.5
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.