How are FCX bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the FCX bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 44.07%), the computed maximum profit is $219.50 per contract and the computed maximum loss is -$180.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FCX bear put spread?

The breakeven for the FCX bear put spread priced on this page is roughly $65.20 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The FCX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FCX implied volatility affect this bear put spread?

FCX ATM IV is at 44.07% with IV rank near 38.01%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

FCX Bear Put Spread Strategy

FCX (Freeport-McMoRan Inc.), in the Basic Materials sector, (Copper industry), listed on NYSE.

Freeport-McMoRan Inc. is a prominent mining enterprise conducting extensive operations across North America, South America, and Indonesia. The company primarily focuses on the exploration and extraction of key mineral resources such as copper, gold, molybdenum, and silver, alongside other valuable metals. Additionally, it maintains a significant presence in the oil and gas sector. Its diverse portfolio of assets features the notable Grasberg minerals district in Indonesia; numerous sites in the United States including Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado. In South America, its holdings include Cerro Verde in Peru and El Abra in Chile. Beyond its mineral interests, Freeport-McMoRan operates a collection of oil and gas properties, predominantly situated off the coasts of California and in the Gulf of Mexico, managing approximately 135 wells as of December 31, 2021.

FCX (Freeport-McMoRan Inc.) trades in the Basic Materials sector, specifically Copper, with a market capitalization of approximately $99.52B, a trailing P/E of 33.92, a beta of 1.38 versus the broader market, a 52-week range of 35.15-72.28, average daily share volume of 14.9M, a public-listing history dating back to 1995, approximately 29K full-time employees. These structural characteristics shape how FCX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.38 indicates FCX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. FCX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bear put spread on FCX?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

FCX snapshot

As of August 14, 2026, spot at $66.56, ATM IV 44.07%, IV rank 38.01%, expected move 12.63%. The bear put spread on FCX below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.

Why this bear put spread structure on FCX specifically: FCX IV at 44.07% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 12.63% (roughly $8.41 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FCX expiries trade a higher absolute premium for lower per-day decay. Position sizing on FCX should anchor to the underlying notional of $66.56 per share and to the trader's directional view on FCX stock.

FCX bear put spread setup

The FCX bear put spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FCX at $66.56 on that close, the first option leg uses a $67.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FCX chain at a 28-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 FCX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$67.00	$3.33
Sell 1	Put	$63.00	$1.52

FCX bear put spread risk and reward

Net Premium / Debit: -$180.50
Max Profit (per contract): $219.50
Max Loss (per contract): -$180.50
Breakeven(s): $65.20
Risk / Reward Ratio: 1.216

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

FCX bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on FCX. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$219.50
$14.73	-77.9%	+$219.50
$29.44	-55.8%	+$219.50
$44.16	-33.7%	+$219.50
$58.87	-11.5%	+$219.50
$73.59	+10.6%	-$180.50
$88.30	+32.7%	-$180.50
$103.02	+54.8%	-$180.50
$117.74	+76.9%	-$180.50
$132.45	+99.0%	-$180.50

When traders use bear put spread on FCX

Bear put spreads on FCX reduce the cost of a bearish FCX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

FCX thesis for this bear put spread

The market-implied 1-standard-deviation range for FCX extends from approximately $58.15 on the downside to $74.97 on the upside. A FCX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on FCX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current FCX IV rank near 38.01% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on FCX should anchor more to the directional view and the expected-move geometry. As a Basic Materials name, FCX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FCX-specific events.

FCX bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. FCX positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FCX alongside the broader basket even when FCX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on FCX are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current FCX chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on FCX?: A bear put spread on FCX is the bear put spread strategy applied to FCX (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With FCX stock at $66.56 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FCX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FCX bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the FCX bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 44.07%), the computed maximum profit is $219.50 per contract and the computed maximum loss is -$180.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FCX bear put spread?: The breakeven for the FCX bear put spread priced on this page is roughly $65.20 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The FCX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on FCX?: Bear put spreads on FCX reduce the cost of a bearish FCX stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current FCX implied volatility affect this bear put spread?: FCX ATM IV is at 44.07% with IV rank near 38.01%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.