Materials

Freeport-McMoRan Inc (FCX) options and signal

Figures as of 28 Sep 2026

FCX is Freeport-McMoRan Inc, a Materials name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
Trade Card	Bull put spread, 18 Dec	25 Sep
IV rank	88 of 100	28 Sep
At the money IV	56.9%	28 Sep
Priced move to 30 Oct	14.7% down, 15.3% up	28 Sep
Call wall and put wall	80 and 70	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	71.96	28 Sep
Next report	22 Oct 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for FCX was a bull put spread expiring 18 Dec 2026, paper trading.

Figure	Value
Signal	Neutral
Strategy	Bull put spread, credit
Legs	Sell the 65 put, Buy the 55 put
Expiry	18 Dec 2026, 84 days to expiry
Limit	A credit of at least $2.26
Probability of profit	71%, the option market's odds at expiry, from delta
Max loss	$774 per contract
Max profit	$226 per contract
Breakeven	62.74
IV rank at that expiry	69 of 100

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Trade Cards in RingMaster The Trade Cards guide

Options Snapshot

FCX's IV rank is 88 of 100 on 28 Sep 2026.

Figure	Value
IV rank	88 of 100
At the money IV	56.9%, near month, 32 days
Put/call ratio, open interest	0.72
Call open interest, strikes captured near the price	344,000 contracts
Put open interest, strikes captured near the price	249,000 contracts
Cost to trade at the money	Wide, 46.8% of the option's mid price

IV rank is where the at the money IV sits among FCX's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, FCX options priced a move of 14.7 percent down and 15.3 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	5.2%	5.5%	68.20 to 75.90
9 Oct 2026	11	8.4%	8.3%	65.92 to 77.91
23 Oct 2026	25	12.7%	12.6%	62.83 to 81.04
30 Oct 2026	32	14.7%	15.3%	61.36 to 82.96
20 Nov 2026	53	17.9%	18.3%	59.06 to 85.16
18 Dec 2026	81	21.5%	23.6%	56.46 to 88.96
19 Feb 2027	144	29.6%	31.7%	50.66 to 94.76

The range is one standard deviation either side of the close of 71.96, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Priced Range in RingMaster The Priced Range guide

Gamma Map

On 28 Sep 2026, FCX's call wall is the 80 strike and its put wall is the 70 strike.

Figure	Value
Call wall, most open call gamma	80
Put wall, most open put gamma	70
Net dollar gamma, calls minus puts	$16.58 million
Total dollar gamma, both sides	$61.13 million
Close	71.96

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 3 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, FCX's at the money IV is 56.9 percent against 20 day realized volatility of 41.3 percent.

Figure	Value
At the money IV	56.9%
Realized volatility, 20 trading days	41.3%
Realized volatility, 60 trading days	46.1%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	32.5% of 252 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, FCX's at the money IV runs from 49.2 percent at 4 days to 48.8 percent at 144 days.

Days to expiry	At the money IV
4	49.2%
11	50.5%
18	49.3%
25	49.4%
39	52.8%
53	49.1%
81	48.3%
144	48.8%

Near and far expiries price about the same volatility, a flat term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Weather in RingMaster The Volatility Weather guide

Volatility Smile

On 28 Sep 2026, at the 32 day expiry, FCX's IV ten percent below the price sits 2.1 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	54.8%	-2.1 points
At the money	56.9%	0.0 points
10% above the price	51.2%	-5.7 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, FCX's surface spans 10 expiries out to 144 days, with IV from 46.8 to 59.1 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Feb 2027, 144 days
Points within 10% of the price, 7 days out or more	90
Lowest IV among them	46.8%
Highest IV among them	59.1%

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, FCX has 10 captured expiries, from 2 Oct 2026 to 19 Feb 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	49.2%	12,191	11,255
9 Oct 2026	11	50.5%	5,972	2,682
16 Oct 2026	18	49.3%	60,315	29,810
23 Oct 2026	25	49.4%	2,644	1,388
30 Oct 2026	32	56.9%	1,136	692
6 Nov 2026	39	52.8%	31	25
20 Nov 2026	53	49.1%	48,283	28,437
18 Dec 2026	81	48.3%	58,619	44,511
15 Jan 2027	109	48.0%	147,553	123,762
19 Feb 2027	144	48.8%	7,462	6,303

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, FCX's largest open interest sits at the 80 strike, with 65,631 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
80	61,959	3,672	65,631
60	20,868	40,803	61,671
70	29,230	28,548	57,778
65	17,712	36,755	54,467
55	19,703	30,988	50,691
75	38,770	6,657	45,427

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Strike Table in RingMaster The Strike Table guide

Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, FCX's at the money IV moved from 48.5 percent to 56.9 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	48.5%	56.9%	+8.4 points
Open interest, strikes captured near the price	630,404	593,071	-37,333
Put/call ratio, open interest	0.74	0.72	-0.01

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 32,948 FCX option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	17,675
Puts traded	15,273
Against its recent average	0.9 times
Busier than	2 of its last 20 trading days
Open interest, whole chain	825,035 contracts
Volume to open interest	0.04
Unusual volume flag	Yes, 1 contract traded well above open interest
Largest flagged contract	The 72 call expiring 2 Oct, 1,475 traded against 636 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of FCX's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	68.87	$26.17 million	70	65
21 Sep 2026	72.16	$14.82 million	80	70
28 Sep 2026	71.96	$16.58 million	80	70

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of FCX was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	74.90, the swing high of 22 Sep 2026
Level below the close	71.45, the swing low of 4 Sep 2026, a close past it runs against the view
The chart	Sits with the view
Strategy family	Bull put spread (sell a put spread below the price)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 FCX sat at the 81st percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	98 of 100	Bullish
20 trading days	91 of 100	Bullish
45 trading days	81 of 100	Bullish

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Rank by Timeframe in RingMaster The Rank by Timeframe guide

Timeframe Agreement

On 25 Sep 2026, 3 of 3 timeframes put FCX on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	2 of 2
Long	45 day	Bullish	1 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 FCX had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	81 of 100
24 Sep 2026	None	87 of 100
23 Sep 2026	None	69 of 100
22 Sep 2026	None	76 of 100
21 Sep 2026	None	80 of 100
18 Sep 2026	None	75 of 100
17 Sep 2026	None	54 of 100
16 Sep 2026	None	71 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 35 of 62 Materials names were bullish and 11 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Materials	62	35	11	16

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

FCX closed at 71.96 on 28 Sep 2026.

Figure	Value
Last close	71.96
Change over 5 trading days	-0.3%
Change over 21 trading days	-8.2%
Change over 63 trading days	+16.8%
Change over 252 trading days	+103.6%
52 week high	80.24
52 week low	35.29
20 day moving average	72.42
50 day moving average	69.89
200 day moving average	63.15
RSI, 14 days	50

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

FCX reports next on 22 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	22 Oct 2026, before the open
Date	Worked out from past quarters
Move after the report of 24 Apr 2026	-0.8%
Move after the report of 22 Jan 2026	+2.6%
Move after the report of 24 Apr 2025	+6.9%
Move after the report of 23 Jan 2025	-1.5%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 41.7 percent of FCX's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	41.7%
Five day average	43.3%
52 week median	39.3%

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 23 Septembers on record, FCX's average change was minus 0.8 percent, and it rose in 52.2 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.8%	+0.2%	52.2%	23
October	+3.1%	+6.3%	65.2%	23
November	+4.3%	+3.1%	60.9%	23

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Questions

What is FCX's IV rank?: FCX's IV rank is 88 of 100 on 28 Sep 2026.
What move are FCX options pricing?: On 28 Sep 2026, FCX options priced a move of 14.7 percent down and 15.3 percent up by 30 Oct 2026.
Where are FCX's call wall and put wall?: On 28 Sep 2026, FCX's call wall is the 80 strike and its put wall is the 70 strike.
What was the latest Trade Card for FCX on the Free plan?: On 25 Sep 2026 the Trade Card for FCX was a bull put spread expiring 18 Dec 2026, paper trading.
When does FCX report earnings next?: FCX reports next on 22 Oct 2026, a date worked out from past quarters.

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