Home Options FCXReports

FCX

Freeport-McMoRan, Inc.Close $58.70EOD only

Max Pain

$62.00

Next expiry May 22, 2026

Expected Move

±$2.64

4.5% from close

Price Gap

+3.30

Distance to max pain

IV Rank

Low premium

P/C OI

0.98

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 19, 2026 close

End-of-day snapshot

This page reflects FCX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 19, 2026 close

FCX Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

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.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.