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Mike Khouw spoke on
CNBC's Options Action about unusually high options activity in
Freeport-McMoRan IncFCX.
He said that volume was two times higher than the daily average volume and the most of it happened in the May expiration. A trader bought 5,000 contracts of the May 20 call option and sold 5,000 contracts of the May 23 call option, paying $0.75 for the call spread. There was also a sale of 10,000 contracts of the August 25 calls.
The breakeven for the call spread is at $20.75 or approximately 7 percent higher. The trader can maximally make $2.25 on the call spread.
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