{"schema_version":1,"publisher":"Half on a Double","data_through":"2026-10-02","frequency":"end-of-day","methodology":"market-implied-carry-v1","generation":"market-implied-carry-analytics-20260917T000000Z","canonical_url":"https://halfonadouble.com/stock/FCX","markdown_url":"https://halfonadouble.com/stock/FCX.md","history_url":"https://halfonadouble.com/api/v1/history/FCX.csv","advanced_analysis_url":"https://halfonadouble.com/api/v1/analysis/FCX.json?date=2026-10-02","definitions_url":"https://halfonadouble.com/methodology.md","license_url":"https://halfonadouble.com/terms.md","disclaimer_url":"https://halfonadouble.com/disclaimer.md","symbol":"FCX","page_tier":"A","units":{"prices":"USD per share","open_interest":"option contracts","gamma_exposure":"modeled dollar-delta change per USD 1 underlying move","gamma_exposure_normalized":"modeled gamma exposure per 100,000 open option contracts","distances":"percent of close","forward_outcomes":"close-to-close percent return"},"snapshot":{"close":72.04000091552734,"previous_close":69.30000305175781,"delta_neutral":65.77810862985197,"gamma_neutral":65.96375932147015,"gamma_max":80.86652406805894,"total_open_interest":951856,"previous_open_interest":974590,"listed_contracts":719,"listed_calls":444,"listed_puts":367,"gamma_max_distance_pct":12.252252971070053,"delta_neutral_distance_pct":-8.692243484308033,"gamma_neutral_distance_pct":-8.434538474231939,"open_interest_change_1d_pct":-2.332673226690198,"call_open_interest":483298,"put_open_interest":468558,"put_call_open_interest_ratio":0.9695012187097816,"nearest_expiration_max_pain":76,"nearest_expiration_max_pain_expiry":"2026-10-09","nearest_expiration_max_pain_distance_pct":5.49694480031458,"all_expiration_max_pain":65,"net_gamma_exposure":22874362.884486318,"net_gamma_exposure_per_100k_open_interest":2403132.709620606,"gamma_exposure_flip":65.96375932147015,"gamma_exposure_flip_distance_pct":-8.434538474231939,"call_wall":80,"call_wall_distance_pct":11.049415579278506,"put_wall":65,"put_wall_distance_pct":-9.772349841836213,"gamma_max_cross_direction":null,"delta_neutral_cross_direction":null,"open_interest_rank":105},"history_summary":{"first_date":"2020-12-01","last_date":"2026-10-02","session_count":1394,"trailing_window_sessions":252,"sessions_above_gamma_max_pct":4.761904761904762,"gamma_max_cross_count":12,"delta_neutral_cross_count":12,"gamma_max_prior_sessions_closer_pct":71.03174603174604,"gamma_max_prior_comparison_sessions":252,"delta_neutral_prior_sessions_closer_pct":46.42857142857143,"delta_neutral_prior_comparison_sessions":252,"open_interest_percentile_1y":3.1746031746031744,"open_interest_change_1d_contracts":-22734,"open_interest_change_z_252":-0.343108103024173,"open_interest_change_z_comparison_sessions":252,"open_interest_change_5_sessions_pct":3.2334752646842553,"open_interest_change_21_sessions_pct":-11.565326133612304,"call_put_open_interest_changes":{"one_session":{"call_change_contracts":-16493,"put_change_contracts":-6241,"call_growth_pct":-3.299979391385599,"put_growth_pct":-1.314450957141864,"call_minus_put_growth_pp":-1.985528434243735},"five_sessions":{"call_change_contracts":13891,"put_change_contracts":15923,"call_growth_pct":2.9592656266310473,"put_growth_pct":3.5178455046560697,"call_minus_put_growth_pp":-0.5585798780250224},"call_change_surprise":{"z_score":-0.43016092379625176,"comparison_sessions":252},"put_change_surprise":{"z_score":-0.20623716115737398,"comparison_sessions":252},"call_minus_put_growth_surprise":{"z_score":-0.7831105130926984,"comparison_sessions":252}}},"advanced_options":{"data_through":"2026-10-02","analysis_coverage":1,"catalyst_score":51.179302688116074,"directional_score":-24.09448818897637,"catalyst_reasons":["front IV premium 1.4 pp"],"features":{"symbol":"FCX","price":72.04,"totalOi":980625,"analysisCoverage":1,"avgIvPct":129,"ivRank":31.8,"iv52wHighPct":300.5,"iv52wLowPct":48.86,"frontDte":7,"frontAtmIvPct":50.186,"backAtmIvPct":48.7723,"termPremiumPp":1.4137,"expectedMoveFrontPct":6.95,"straddleFrontPct":5.14,"straddle30dPct":11.24,"riskReversalFrontPp":2.76,"riskReversal30dPp":3.7,"butterflyFrontPp":-1,"butterfly30dPp":-0.18,"putCallOiRatio":0.948,"putCallOiFrontRatio":0.841,"putCallVolumeFrontRatio":1.125,"optionVolume":62733,"volumeOiRatio":0.063972,"netDeltaNormalized":0.15501,"dealerDeltaNormalized":-0.151899,"gexPer100kOi":3706861.890121,"vannaPer100kOi":2657.794774,"charmPer100kOi":9126.52645,"weekendDeltaShiftPer100kOi":27379.477374,"ivSurfaceRangePp":91.9,"gammaFlipDistancePct":-0.319267,"maxPainDistancePct":-9.772349,"peakCallDistancePct":-2.83176,"peakPutDistancePct":-9.772349},"complete_analysis_url":"https://halfonadouble.com/api/v1/analysis/FCX.json?date=2026-10-02","interpretation":"Catalyst intensity ranks unusual option pricing and activity; it does not identify the event, predict direction or recommend a trade. Directional score summarizes relative positioning under documented model conventions."},"gamma_max_cross_outcomes":[{"direction":"above","event_count":35,"completed_path_count":35,"latest_cross_date":"2026-08-25","horizons":[{"sessions":1,"sample_size":35,"median_return_pct":-0.86676133820901,"p25_return_pct":-1.4286056781332157,"p75_return_pct":0.4361917674413407,"above_zero_pct":28.57142857142857,"median_interval_low_pct":-1.1198503860687992,"median_interval_high_pct":-0.20732585326939112,"median_interval_nominal_coverage_pct":91.04689210653305,"confidence_floor_pct":-0.20732585326939112},{"sessions":3,"sample_size":35,"median_return_pct":-0.9221769137536917,"p25_return_pct":-3.908000213480256,"p75_return_pct":2.2969891826170152,"above_zero_pct":42.857142857142854,"median_interval_low_pct":-3.1784914505082695,"median_interval_high_pct":1.066945034071276,"median_interval_nominal_coverage_pct":91.04689210653305,"confidence_floor_pct":0},{"sessions":5,"sample_size":35,"median_return_pct":-0.3949333589602366,"p25_return_pct":-5.314988486490896,"p75_return_pct":2.9633991678760574,"above_zero_pct":48.57142857142857,"median_interval_low_pct":-4.122518582043733,"median_interval_high_pct":1.5780696095123448,"median_interval_nominal_coverage_pct":91.04689210653305,"confidence_floor_pct":0},{"sessions":10,"sample_size":35,"median_return_pct":-0.20795900316122884,"p25_return_pct":-5.528709025783485,"p75_return_pct":4.981721910340053,"above_zero_pct":48.57142857142857,"median_interval_low_pct":-2.2888533564491165,"median_interval_high_pct":1.5067398023658196,"median_interval_nominal_coverage_pct":91.04689210653305,"confidence_floor_pct":0}]},{"direction":"below","event_count":34,"completed_path_count":34,"latest_cross_date":"2026-08-26","horizons":[{"sessions":1,"sample_size":34,"median_return_pct":-0.40448512601403697,"p25_return_pct":-1.4976621771934067,"p75_return_pct":0.2823824048509005,"above_zero_pct":32.35294117647059,"median_interval_low_pct":-1.2292867637134441,"median_interval_high_pct":-0.06006964381619628,"median_interval_nominal_coverage_pct":94.23873270861804,"confidence_floor_pct":-0.06006964381619628},{"sessions":3,"sample_size":34,"median_return_pct":0.24429278145849942,"p25_return_pct":-3.258834807585495,"p75_return_pct":3.213599602466938,"above_zero_pct":50,"median_interval_low_pct":-1.0214150314530324,"median_interval_high_pct":1.402393430104043,"median_interval_nominal_coverage_pct":94.23873270861804,"confidence_floor_pct":0},{"sessions":5,"sample_size":34,"median_return_pct":-1.3414374772828586,"p25_return_pct":-6.006869685589194,"p75_return_pct":3.104889386768966,"above_zero_pct":47.05882352941176,"median_interval_low_pct":-4.1950668582216855,"median_interval_high_pct":2.1204845014825002,"median_interval_nominal_coverage_pct":94.23873270861804,"confidence_floor_pct":0},{"sessions":10,"sample_size":34,"median_return_pct":-0.8960542207396394,"p25_return_pct":-5.6021905820682125,"p75_return_pct":5.529989507473082,"above_zero_pct":44.11764705882353,"median_interval_low_pct":-3.345029953627554,"median_interval_high_pct":1.421687114669612,"median_interval_nominal_coverage_pct":94.23873270861804,"confidence_floor_pct":0}]}],"missing_value_semantics":"null means unavailable; it never means zero","interpretation":"These are descriptive end-of-day model outputs. Signed GEX uses the published call-positive, put-negative convention and is not observed dealer inventory. None of the fields are live prices, predictions or investment advice."}