27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
A whale with a lot of money to spend has taken a noticeably bearish stance on Freeport-McMoRan.
Looking at options history for Freeport-McMoRan (NYSE:FCX) we detected 44 strange trades.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
If we consider the specifics of each trade, it is accurate to state that 43% of the investors opened trades with bullish expectations and 56% with bearish.
From the overall spotted trades, 14 are puts, for a total amount of $778,780 and 30, calls, for a total amount of $2,775,951.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $20.0 to $40.0 for Freeport-McMoRan over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Freeport-McMoRan's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Freeport-McMoRan's whale trades within a strike price range from $20.0 to $40.0 in the last 30 days.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FCX | CALL | SWEEP | BULLISH | 12/16/22 | $30.00 | $919.8K | 2.7K | 2.0K |
| FCX | CALL | TRADE | BEARISH | 11/18/22 | $34.00 | $438.0K | 17.2K | 3.3K |
| FCX | CALL | TRADE | NEUTRAL | 12/16/22 | $30.00 | $227.5K | 2.7K | 2.5K |
| FCX | PUT | TRADE | BEARISH | 11/04/22 | $32.50 | $138.0K | 25 | 1.2K |
| FCX | CALL | SWEEP | NEUTRAL | 01/20/23 | $40.00 | $137.3K | 17.3K | 2.5K |
Where Is Freeport-McMoRan Standing Right Now?
- With a volume of 13,935,430, the price of FCX is up 5.1% at $33.28.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 91 days.
What The Experts Say On Freeport-McMoRan:
- Exane BNP Paribas downgraded its action to Neutral with a price target of $29
- Deutsche Bank has decided to maintain their Hold rating on Freeport-McMoRan, which currently sits at a price target of $30.
- Goldman Sachs has decided to maintain their Buy rating on Freeport-McMoRan, which currently sits at a price target of $39.
- RBC Capital has decided to maintain their Sector Perform rating on Freeport-McMoRan, which currently sits at a price target of $34.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Freeport-McMoRan, Benzinga Pro gives you real-time options trades alerts.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.