Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
FCX options intelligence
Freeport-McMoran Copper & Gold Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
35
Market data through 31 Jul 2026
Checked 2 Aug 2026 02:23 · complete available chain
Options-market disagreement
Mixed pressure
FCX currently carries mixed options pressure with a 35/100 conviction score. The nearest-chain expected move is 5.8%, with volume/open-interest participation at 0.02.
Expected move
5.8%
Near-term move context
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.68
Call-side skew
Trend fit
50
Options are not fully confirming trend
Weekly backdrop
+0.0%
RS 7.3
Expected move
5.8%
Put-call volume
0.68
Volume / OI
0.02
Reference IV
0.53
Max pain
61.00
Underlying
62.63
Nearest expiry
7 Aug 2026
Contracts
810
Research Brief
FCX has a mixed chain read with 35/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 59.02–66.24; The largest call open-interest concentration is 67.00; the largest put concentration is 50.00. The most active strike by current volume is 67.00.
Priced range59.02–66.24
Call concentration67.00
Put concentration50.00
Max pain reference61.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 59.02 to 66.24. Max pain at 61.00 sits inside that range, 2.6% below spot.
Spot
Max pain
59.0262.63 ± 3.6166.24
Confirmation level
A close beyond 66.24 or below 59.02 at the 7 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 35/100
Pressure is 18/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure18 × 42%
+7.5
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement50 × 26%
+13.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility60 × 10%
+6.0
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 67.00; the largest put concentration is 50.00. The most active strike by current volume is 67.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1948
50.00-20.2%
0
439
53.00-15.4%
15
314
54.00-13.8%
0
881
55.00-12.2%
5
155
57.00-9.0%
93
1350
58.00-7.4%
22
242
59.00-5.8%
87
420
60.00-4.2%
554
1571
61.00-2.6%
128
144
62.00-1.0%
276
39
63.000.6%
469
39
64.002.2%
568
63
65.003.8%
2281
20
66.005.4%
365
13
67.007.0%
7660
2
68.008.6%
571
12
70.0011.8%
671
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.53
7 Aug
7d
0.52
14 Aug
14d
0.52
21 Aug
21d
0.53
28 Aug
28d
0.55
4 Sep
35d
0.50
11 Sep
42d
0.51
18 Sep
49d
0.51
16 Oct
77d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
51
52
53
55
56
57
58
59
61
62
63
64
65
67
68
69
70
71
73
74
75
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 810 / 810
- No material coverage gap was detected in the retained chain.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $6.3M of estimated gross traded notional, calls · 91+ days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+18
1W price+0.0%
Call premium69%
Put premium31%
Notional split
C 69% / P 31%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
50/100
Agreement between options pressure and Sharemaestro market context.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · ITM
calls cluster with 620 contracts traded, $1.0M estimated gross traded notional, and 17% of visible notional.
$1.0M
Calls · 46-90 days · ITM
calls cluster with 1366 contracts traded, $868440 estimated gross traded notional, and 14% of visible notional.
$868440
Calls · 0-7 days · ITM
calls cluster with 1616 contracts traded, $500892 estimated gross traded notional, and 8% of visible notional.
$500892
Calls · 91+ days · OTM
calls cluster with 842 contracts traded, $467810 estimated gross traded notional, and 7% of visible notional.
$467810
Puts · 91+ days · ITM
puts cluster with 309 contracts traded, $426598 estimated gross traded notional, and 7% of visible notional.
$426598
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Activity Anomaly
Warming up
3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 3 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close62.63
1W+0.0%
RS7.3
Fair value+38.3%
Options pressure18
Speculation41
Volatility60
Trend fit50
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:03
Mixed
Pressure -10
Move 5.3%
30 Jul 10:02
Bullish
Pressure 49
Move 6.3%
31 Jul 11:23
Bullish
Pressure 34
Move 3.0%
31 Jul 17:26
Bullish
Pressure 26
Move 1.2%
2 Aug 01:23
Mixed
Pressure 18
Move 5.8%
Strike Map
Where activity is clustering
Strike35.00
Calls · V 0 · OI 38
Puts · V 2 · OI 2
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike45.00
Calls · V 0 · OI 2
Puts · V 0 · OI 66
Strike46.00
Calls · V 0 · OI 2
Puts · V 0 · OI 21
Strike47.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike48.00
Calls · V 0 · OI 0
Puts · V 0 · OI 15
Strike49.00
Calls · V 0 · OI 0
Puts · V 0 · OI 104
Strike50.00
Calls · V 0 · OI 0
Puts · V 3 · OI 1948
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts76
Avg IV0.53
Put-call0.33
Expiry14 Aug 2026
Contracts80
Avg IV0.52
Put-call2.10
Expiry21 Aug 2026
Contracts90
Avg IV0.52
Put-call1.16
Expiry28 Aug 2026
Contracts72
Avg IV0.53
Put-call6.20
Expiry4 Sep 2026
Contracts66
Avg IV0.55
Put-call1.88
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.52
Put IV0.54
Skew0.02
14 Aug 2026Balanced skew
Call IV0.50
Put IV0.53
Skew0.03
21 Aug 2026Balanced skew
Call IV0.50
Put IV0.52
Skew0.02
28 Aug 2026Balanced skew
Call IV0.52
Put IV0.51
Skew-0.01
4 Sep 2026Call IV premium
Call IV0.65
Put IV0.51
Skew-0.14
Contract Tape
Most active contracts
ContractFCX260807C00067000
SideCall
Expiry7 Aug 2026
Strike67.00
Volume2720
OI7660
IV0.51
ContractFCX260807C00061000
SideCall
Expiry7 Aug 2026
Strike61.00
Volume1472
OI128
IV0.53
ContractFCX260918C00060000
SideCall
Expiry18 Sep 2026
Strike60.00
Volume1306
OI7122
IV0.51
ContractFCX260814P00065000
SidePut
Expiry14 Aug 2026
Strike65.00
Volume1021
OI31
IV0.44
ContractFCX260807C00065000
SideCall
Expiry7 Aug 2026
Strike65.00
Volume955
OI2281
IV0.52
ContractFCX260807C00063000
SideCall
Expiry7 Aug 2026
Strike63.00
Volume940
OI469
IV0.52
ContractFCX260821P00056000
SidePut
Expiry21 Aug 2026
Strike56.00
Volume751
OI569
IV0.51
ContractFCX260821C00065000
SideCall
Expiry21 Aug 2026
Strike65.00
Volume677
OI13280
IV0.52
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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Earnings
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.