FCXFreeport-McMoran Inc.
Options Analysis Report•METAL MINING
Market Cap $91.9B|NYSE
● 2026-06-09$63.91
NEUTRAL
Analysis: 2026-06-08 EOD data
1Y +50.9%YTD +23.1%7D -10.9%
Options Vol
37,909
30D
Implied Move
±17.1%
IV Rank
84%
FCX Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.6
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 90.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.98x — IV ≤ HV
Sector Relative≤50%
Sector percentile 90% — above sector median
Term Structure
<1.1xFront/Back 1.22x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 58.8% — normal range
Spread-Adjusted Value
<80%Effective IV 77.9% (ATM 58.8% + spread 9.6% + bias) — fair
Execution Efficiency
<3.0%Total drag 13.79% (spread 9.55% + slippage 4.24%) — high friction
Vega Efficiency
≥5.0Vega efficiency 20.26 (vega 19.352 / spread 9.55%) — efficient
Sentiment
Bullish or bearish?
5.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: +3%, Raw: +0%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +3% (neutral) — Raw: +0%
OI Skew Magnitude
≥15%|OI skew| 0.7% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +18.2%, OI skew +0.7% — aligned
Conviction Quality
≥2/3 conditions0-DTE 0%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +24%, ATM: -8%, OTM: +0% — bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 45% — bullish vs sector
Activity
Unusual activity?
3.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 2.9% — 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 +2.7% (5d) — building
Sector Relative≥60%
Sector activity percentile 60% — active vs sector
Trade Quality
≥30%Large trade volume 34% — institutional presence
Execution Urgency
≥60%Aggressive execution 42% — patient
Flow Conviction
≥30Conviction +3 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 9.6% — wide
Adequate OI
≥10,000OI 1,326,164 — deep
Active Volume
≥500Volume 37,909/day — active
Reasonable Cost
≤$0.50$0.48 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 90% — much wider than sector
Order Book Depth
≥100 contractsDepth 240.60000000000002 contracts (bid:140.3 ask:100.3) — adequate
Execution Quality
<1.0%Avg slippage 4.24% — 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 +21.7% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 90% — seller opportunity
Event Detection
≥10pts kinkIV kink 9.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 733.02 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: CPI in 1d (HIGH)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +3% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 64 (ITM 20% + inst 34%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.1
bullishIV expensive, mixed flow
Long Puts4.5
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put6.0
bullishIV rich premium, mixed flow
Covered Call5.4
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.