How are FCX long put max profit and max loss calculated?

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the FCX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 51.23%), the computed maximum profit is $5,961.50 per contract and the computed maximum loss is -$337.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FCX long put?

The breakeven for the FCX long put priced on this page is roughly $59.63 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 long put?

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 Long Put 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 long put on FCX?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

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 long put 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 long put structure on FCX specifically: FCX IV at 51.23% 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 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 long put setup

The FCX long put 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 $63.00 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	$63.00	$3.38

FCX long put risk and reward

Net Premium / Debit: -$337.50
Max Profit (per contract): $5,961.50
Max Loss (per contract): -$337.50
Breakeven(s): $59.63
Risk / Reward Ratio: 17.664

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

FCX long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put 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%	+$5,961.50
$13.98	-77.9%	+$4,564.89
$27.94	-55.8%	+$3,168.27
$41.91	-33.7%	+$1,771.66
$55.87	-11.5%	+$375.05
$69.84	+10.6%	-$337.50
$83.81	+32.7%	-$337.50
$97.77	+54.8%	-$337.50
$111.74	+76.9%	-$337.50
$125.71	+99.0%	-$337.50

When traders use long put on FCX

Long puts on FCX hedge an existing long FCX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FCX exposure being hedged.

FCX thesis for this long put

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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long FCX position with one put per 100 shares held. Current FCX IV rank near 68.59% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put 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 long put positions are structurally 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 long put 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 long put on FCX?: A long put on FCX is the long put strategy applied to FCX (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. 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 long put max profit and max loss calculated?: Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the FCX long put priced from the end-of-day chain at a 30-day expiry (ATM IV 51.23%), the computed maximum profit is $5,961.50 per contract and the computed maximum loss is -$337.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FCX long put?: The breakeven for the FCX long put priced on this page is roughly $59.63 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 long put on FCX?: Long puts on FCX hedge an existing long FCX stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying FCX exposure being hedged.
How does current FCX implied volatility affect this long put?: 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.