FCX Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7 / 10

base 5; +1.5 strong net premium & call flow; +0.5 GEX pinning supportive; -0.5 high IV suggests volatility risk; -0.5 long-dated MP trend bearish

Watch next session: $59-$60 call premium flow for continuation; Any defensive put flow near $55-$57

Flow Summary

Net premium: +$9.9M bullish

P/C volume ratio: 0.67 — call-dominant

P/C OI ratio: 0.98 — balanced positioning

Strong bullish flow today with significant net premium to calls, but open interest is nearly balanced. This suggests new directional call buying is being layered onto a market with existing long-term put protection. The flow is aggressive, targeting near-term upside.

Notable Prints

FCX 4/17/26 $64 Call

Vol: 2,483

OI: 307

Vol/OI: 8.1x

IV: 53.8%

Notional: ~$155k (est. mid-premium)

Intent: Fresh directional call buying for a breakout above $64.

Dual read: Bought to open (bullish) or part of a call spread (capped bullish).

Read-through: Most significant single print. Targets a ~9% move higher in 17 days, aligning with the expected move. High vol/oi confirms new position.

FCX 4/2/26 $63 Call

Vol: 1,257

OI: 473

Vol/OI: 2.7x

IV: 54.5%

Notional: ~$63k (est. mid-premium)

Intent: Near-term directional bet for a move above $63 in 2 days.

Dual read: Bought to open (bullish) or sold to close (bearish). Flow context favors opening.

Read-through: Aggressive, short-dated call targeting a 7% move. Consistent with the bullish flow regime and high IV.

FCX 4/10/26 $62 Call

Vol: 1,422

OI: 809

Vol/OI: 1.8x

IV: 56.9%

Notional: ~$85k (est. mid-premium)

Intent: Directional call buying for a move above $62 within 10 days.

Dual read: Likely bought to open, given flow context and volume exceeding OI.

Read-through: Targets the middle of the 10-day expected move ($54.16-$63.40). Adds to the bullish near-term narrative.

FCX 4/2/26 $46.50 Put

Vol: 215

OI: 102

Vol/OI: 2.1x

IV: 243.4%

Notional: ~$10k (est. mid-premium)

Intent: Lottery ticket / tail-risk purchase.

Dual read: Bought (bearish hedge) or sold (income). Extreme IV suggests a buyer paying for disaster protection.

Read-through: Noise in size, but the extreme IV (243%) indicates a cheap, far OTM put being purchased for catastrophic hedge, not a near-term directional view.

FCX 4/2/26 $61 Put

Vol: 246

OI: 106

Vol/OI: 2.3x

IV: 43.8%

Notional: ~$12k (est. mid-premium)

Intent: Near-term hedge or speculative put.

Dual read: Could be a protective put for a long stock position or a short-term bearish bet.

Read-through: Small size relative to call flow. Likely a hedge against a short-term pullback from current levels.

Institutional Positioning

Call additions: Aggressive near-term calls at $62-$64 (Apr 2, 10, 17). Largest premium flow at $59 & $60 calls.

Put additions: Minimal near-term put flow. Major OI is in long-dated, far OTM puts ($33, $35, $50).

GEX/DEX consistency: Yes — Positive GEX (+$23.8M) aligns with bullish call flow, supporting a pinning/mean-reverting regime near current spot.

OI clusters: Major call walls at $55 (23.6K OI) and $65 (23.0K OI). Major put walls at $35 (31.1K OI) and $50 (19.6K OI).

Hedging evidence: Clear evidence of long-term, far OTM put protection (massive OI at $33-$35). This is likely portfolio insurance, not a near-term directional bet.

Max pain context: Spot ($58.78) is above near-term max pain ($57), creating a mild gravitational pull lower. However, strong call flow is fighting this.

Signal vs Noise

~The $46.50 Put (4/2) with 243% IV is a lottery ticket, not a meaningful directional signal.

~High volume in near-term calls is likely directional, not rolling, given the low existing OI and fresh strikes.

~The massive OI in $33-$35 Puts is a multi-year structural hedge (common in commodities stocks), not a signal for the coming weeks.

Key Conclusions

🐂Strong, aggressive call buying targets $62-$64 in the next 2-17 days.

⚖️Market is in a Gamma Pinning regime (positive GEX), favoring mean reversion and potentially capping violent moves.

🛡️Long-dated, far OTM put OI reveals underlying defensive positioning, framing the bullish call flow as a tactical, shorter-term bet.

Read the Flow analysis for FCX. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.