This trade closes out the FCX position opened on Mar 24, 2026. With expiration approaching on Apr 10, 2026 and a favorable move in the stock, it made sense to close early and lock in the majority of the premium rather than wait.
Trade Update
FCX – Closing Position
- 04/02/26 – Buy to Close FCX $52 Put (04/10) @ $38
- Closed early to capture the majority of profit and redeploy capital.
Why I Closed It
FCX had moved favorably since the Mar 24th entry, bringing the premium down significantly from the original $128 collected to just $38. With 8 days still left until expiration, holding on for the remaining premium wasn’t worth the risk, especially with copper stocks being sensitive to macro and tariff headlines.
Buying back at $38 locks in a net gain of $90 per share, roughly 70% of max profit which aligns perfectly with the 70% max-profit exit strategy.