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FCXFreeport-McMoran Inc.

Options Analysis Report•METAL MINING
Market Cap $109.8B|NYSE
● 2026-08-31$76.45
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +70.1%YTD +47.2%7D -1.7%
62,555
30D
±13.4%
10%

FCX Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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FCX Gamma Walls

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Value

Is IV priced right?

5.8
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 90.1% — elevated vs history

<1.05x

IV/HV 0.98x — IV ≤ HV

Sector Relative≤50%

Sector percentile 90% — above sector median

<1.1x

Front/Back 0.95x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 45.8% — normal range

<80%

Effective IV 62.8% (ATM 45.8% + spread 8.5% + bias) — good value

<3.0%

Total drag 12.97% (spread 8.50% + slippage 4.47%) — high friction

≥5.0

Vega efficiency 10.82 (vega 9.194 / spread 8.50%) — efficient

Sentiment

Bullish or bearish?

4.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +9%, Raw: +16%)
|net sentiment| ≥25%

Conviction-weighted: +9% (neutral) — Raw: +16%

≥15%

|OI skew| 0.9% — balanced

Same sign, |vol skew| ≥10%

Vol skew -10.9%, OI skew +0.9% — divergent (opposite)

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -35%, ATM: +3%, OTM: +35% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 85% — very bearish vs sector

Activity

Unusual activity?

4.7
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.1x avg — normal

≥15%

Vol/OI 5.8% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +5.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 90% — very active vs sector

≥30%

Large trade volume 40% — institutional presence

≥60%

Aggressive execution 33% — patient

≥30

Conviction +9 (bullish) — mixed

Liquidity

Can I trade efficiently?

5.1
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed
≤5.0%

Spread 8.5% — wide

≥10,000

OI 1,078,718 — deep

≥500

Volume 62,555/day — active

≤$0.50

$0.43 to cross — cheap

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 90% — much wider than sector

≥100 contracts

Depth 501.29999999999995 contracts (bid:237.4 ask:263.9) — deep

<1.0%

Avg slippage 4.47% — poor

Timing

Is now a good time?

7.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -5.1% — contango

<30 or >70

IV percentile 90% — seller opportunity

≥10pts kink

IV kink -1.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 123.73 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +9% @ 54% consistency — unclear

≥40 composite score

Score 70 (ITM 20% + inst 40%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls5.6
bullishIV fair, mixed flow
Long Puts5.7
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.1
bullishIV fair, mixed flow
Covered Call5.2
bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, 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.

More on FCX

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