FCX max pain, gamma exposure (GEX) & options open interest
As of close · rank #105 by open interest · 1,394 sessions of history since Dec 1, 2020
FCX's nearest-expiration max pain is 76.00 for 2026-10-09, its GEX flip is 65.96, net GEX is 22,874,363, its put/call open-interest ratio is 0.97. These are whole-chain derived aggregates as of Oct 2, 2026 close.
Whole-chain analytics
Derived after the close from the same dated options chain. Signed gamma exposure uses calls positive and puts negative; it is a model convention, not observed dealer inventory.
Advanced options analysis
Complete derived analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: front IV premium 1.4 pp
FCX closed 12.3% below its gamma max of 80.87. It is 8.7% above the delta neutral price of 65.78. Total open interest is 951,856, -2.3% versus the previous session. Its options catalyst-intensity score is 51.2 out of 100, led by front IV premium 1.4 pp. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | -16,493 contracts · -3.3% |
| Put OI change, 1 session | -6,241 contracts · -1.3% |
| Call minus put OI growth, 1 session | -2.0 pp |
| Call OI change, 5 sessions | +13,891 contracts · +3.0% |
| Put OI change, 5 sessions | +15,923 contracts · +3.5% |
| Call minus put OI growth, 5 sessions | -0.6 pp |
| Daily call OI change surprise | -0.43σ (252 prior changes) |
| Daily put OI change surprise | -0.21σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.78σ (252 prior changes) |
History
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Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
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Gamma walls
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What followed prior gamma-max crosses?
Each historical path starts at 0% on the cross date and follows the close for ten subsequent trading sessions. Cohorts use the same direction as labelled and require gamma max to be within 10% of the close on both crossing sessions.
Crosses below gamma max 34 completed Day +10 paths · latest Aug 26, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 34 | -0.4% | -1.5% to +0.3% | 32% | -1.2% to -0.1% | -0.1% |
| Day +2 | 34 | -0.6% | -2.8% to +1.5% | 44% | -1.9% to +0.5% | 0.0% |
| Day +3 | 34 | +0.2% | -3.3% to +3.2% | 50% | -1.0% to +1.4% | 0.0% |
| Day +4 | 34 | +0.3% | -5.2% to +2.8% | 59% | -3.0% to +2.0% | 0.0% |
| Day +5 | 34 | -1.3% | -6.0% to +3.1% | 47% | -4.2% to +2.1% | 0.0% |
| Day +6 | 34 | -0.5% | -5.9% to +2.9% | 47% | -3.6% to +2.1% | 0.0% |
| Day +7 | 34 | -0.2% | -5.1% to +4.5% | 50% | -3.2% to +3.1% | 0.0% |
| Day +8 | 34 | +0.6% | -3.9% to +5.5% | 56% | -2.8% to +3.3% | 0.0% |
| Day +9 | 34 | +0.6% | -4.7% to +5.6% | 56% | -3.5% to +2.6% | 0.0% |
| Day +10 | 34 | -0.9% | -5.6% to +5.5% | 44% | -3.3% to +1.4% | 0.0% |
Crosses above gamma max 35 completed Day +10 paths · latest Aug 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 35 | -0.9% | -1.4% to +0.4% | 29% | -1.1% to -0.2% | -0.2% |
| Day +2 | 35 | -0.9% | -2.4% to +2.4% | 37% | -1.4% to +0.8% | 0.0% |
| Day +3 | 35 | -0.9% | -3.9% to +2.3% | 43% | -3.2% to +1.1% | 0.0% |
| Day +4 | 35 | -1.5% | -4.9% to +2.3% | 40% | -3.4% to +1.6% | 0.0% |
| Day +5 | 35 | -0.4% | -5.3% to +3.0% | 49% | -4.1% to +1.6% | 0.0% |
| Day +6 | 35 | -1.9% | -6.8% to +2.2% | 49% | -3.5% to +1.3% | 0.0% |
| Day +7 | 35 | -0.3% | -6.5% to +2.4% | 46% | -4.7% to +1.8% | 0.0% |
| Day +8 | 35 | -0.6% | -5.9% to +3.8% | 49% | -3.6% to +2.8% | 0.0% |
| Day +9 | 35 | +0.7% | -5.0% to +4.6% | 51% | -3.3% to +3.2% | 0.0% |
| Day +10 | 35 | -0.2% | -5.5% to +5.0% | 49% | -2.3% to +1.5% | 0.0% |
Returns are close-to-close after the labelled number of subsequent trading sessions. The confidence floor is the closest-to-zero bound of the order-statistic median interval; it is zero when that interval spans zero. Its coverage is nominally at least 90% under independent observations. Historical paths can overlap, so the interval and floor are descriptive uncertainty guides rather than formal coverage guarantees. Historical, not a forecast.
Last 252 sessions
| Sessions closed above gamma max | 5% |
| Gamma max crosses | 12 |
| Delta neutral crosses | 12 |
| Prior-year sessions closer to gamma max | 71.0% of 252 |
| Prior-year sessions closer to delta neutral | 46.4% of 252 |
| Open interest percentile (1y) | 3th |
| Daily open interest change versus prior year | -0.34σ (-22,734 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.2% |
| Open interest change, 21 sessions | -11.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 79.05 vs 80.71 (-2.1%)
- closed above gamma max at 79.91 vs 79.51 (+0.5%)
- closed above delta neutral at 58.40 vs 57.52 (+1.5%)
- closed below delta neutral at 58.53 vs 58.77 (-0.4%)
- closed above delta neutral at 60.50 vs 59.69 (+1.3%)
- closed below delta neutral at 59.26 vs 59.48 (-0.4%)
- closed below gamma max at 70.64 vs 70.90 (-0.4%)
- closed above gamma max at 71.72 vs 70.46 (+1.8%)
- closed below gamma max at 59.96 vs 60.18 (-0.4%)
- closed above gamma max at 58.71 vs 57.53 (+2.0%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/FCX
Questions people ask about FCX
Where is FCX's gamma max today?
As of Oct 2, 2026, the gamma max for FCX is 80.87, +12.3% from the 72.04 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is FCX above or below its delta neutral price?
FCX closed above delta neutral: 72.04 against a delta neutral price of 65.78. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does FCX have?
951,856 contracts of open interest across 719 listed contracts on Oct 2, 2026, -2.3% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.