FCX Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-19. Spot $66.

Put/Call (OI)

1.01

584k P / 580k C

Put/Call (Volume)

0.72

12k P / 17k C today

30d ATM IV

45%

annualized implied move

Call wall

$75

83k contracts

Put wall

$45

69k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $75 (83k contracts), 14% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $45 (69k contracts), 32% below spot — the hedge floor; often acts as support.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	112k	111k	1.00	9k
2026-08-28	9k	8k	0.85	3k
2026-09-04	3k	3k	1.24	940
2026-09-11	2k	2k	0.88	373
2026-09-18	121k	96k	0.79	3k
2026-09-25	625	1k	1.75	343
2026-10-02	49	98	2.00	117
2026-10-16	23k	8k	0.32	2k
2026-11-20	25k	25k	1.01	2k
2026-12-18	48k	52k	1.09	1k
2027-01-15	158k	191k	1.21	1k
2027-02-19	3k	1k	0.39	741
2027-03-19	17k	19k	1.15	1k
2027-06-17	12k	28k	2.38	2k
2028-01-21	44k	37k	0.83	2k
2028-12-15	3k	2k	0.59	1k

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.