How are FCX iron condor max profit and max loss calculated?

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the FCX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 51.23%), the computed maximum profit is $182.50 per contract and the computed maximum loss is -$117.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FCX iron condor?

The breakeven for the FCX iron condor priced on this page is roughly $58.18 and $67.83 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current FCX market-implied 1-standard-deviation expected move is approximately 14.69%; 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 iron condor?

FCX ATM IV is at 51.23% with IV rank near 68.59%, 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 Iron Condor Strategy

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

Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company also operates a portfolio of oil and gas properties primarily located in offshore California and the Gulf of Mexico. As of December 31, 2021, it operated approximately 135 wells. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014.

FCX (Freeport-McMoRan Inc.) trades in the Basic Materials sector, specifically Copper, with a market capitalization of approximately $96.55B, a trailing P/E of 35.48, a beta of 1.32 versus the broader market, a 52-week range of 35.15-70.97, average daily share volume of 17.3M, 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 1.32 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. The trailing P/E of 35.48 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. FCX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on FCX?

An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.

Current FCX snapshot

As of May 15, 2026, spot at $63.17, ATM IV 51.23%, IV rank 68.59%, expected move 14.69%. The iron condor on FCX below is built from the same 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 iron condor structure on FCX specifically: FCX IV at 51.23% is mid-range versus its 1-year history, so the credit collected on a FCX iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 14.69% (roughly $9.28 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 $63.17 per share and to the trader's directional view on FCX stock.

FCX iron condor setup

The FCX iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FCX near $63.17, the first option leg uses a $66.00 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)
Sell 1	Call	$66.00	$2.70
Buy 1	Call	$69.00	$1.74
Sell 1	Put	$60.00	$2.06
Buy 1	Put	$57.00	$1.19

FCX iron condor risk and reward

Net Premium / Debit: +$182.50
Max Profit (per contract): $182.50
Max Loss (per contract): -$117.50
Breakeven(s): $58.18, $67.83
Risk / Reward Ratio: 1.553

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.

FCX iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$117.50
$13.98	-77.9%	-$117.50
$27.94	-55.8%	-$117.50
$41.91	-33.7%	-$117.50
$55.87	-11.5%	-$117.50
$69.84	+10.6%	-$117.50
$83.81	+32.7%	-$117.50
$97.77	+54.8%	-$117.50
$111.74	+76.9%	-$117.50
$125.71	+99.0%	-$117.50

When traders use iron condor on FCX

Iron condors on FCX are a delta-neutral premium-collection structure that profits if FCX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

FCX thesis for this iron condor

The market-implied 1-standard-deviation range for FCX extends from approximately $53.89 on the downside to $72.45 on the upside. A FCX iron condor is a delta-neutral premium-collection structure that pays off when FCX stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current FCX IV rank near 68.59% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor 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 iron condor positions are structurally neutral / range-bound; 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. Short-premium structures like a iron condor on FCX carry tail risk when realized volatility exceeds the implied move; review historical FCX earnings reactions and macro stress periods before sizing. Always rebuild the position from current FCX chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on FCX?: A iron condor on FCX is the iron condor strategy applied to FCX (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With FCX stock trading near $63.17, the strikes shown on this page are snapped to the nearest listed FCX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FCX iron condor max profit and max loss calculated?: Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the FCX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 51.23%), the computed maximum profit is $182.50 per contract and the computed maximum loss is -$117.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FCX iron condor?: The breakeven for the FCX iron condor priced on this page is roughly $58.18 and $67.83 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current FCX market-implied 1-standard-deviation expected move is approximately 14.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a iron condor on FCX?: Iron condors on FCX are a delta-neutral premium-collection structure that profits if FCX stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current FCX implied volatility affect this iron condor?: FCX ATM IV is at 51.23% with IV rank near 68.59%, 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.