Materials

Cleveland-Cliffs Inc. (CLF) options and signal

Figures as of 28 Sep 2026

CLF is Cleveland-Cliffs Inc., a Materials name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
Trade Card	Long straddle, 30 Oct	25 Sep
IV rank	72 of 100	28 Sep
At the money IV	66.1%	28 Sep
Priced move to 30 Oct	19.5% down, 20.3% up	28 Sep
Call wall and put wall	13 and 11	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	11.22	28 Sep
Next report	19 Oct 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for CLF was a long straddle expiring 30 Oct 2026, paper trading.

Figure	Value
Signal	Neutral
Strategy	Long straddle, debit
Legs	Buy the 11 call, Buy the 11 put
Expiry	30 Oct 2026, 35 days to expiry
Limit	A debit of at most $2.29
Probability of profit	36%, the option market's odds at expiry, from delta
Max loss	$229 per contract
Breakeven	8.71 and 13.29
IV rank at that expiry	67 of 100

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Options Snapshot

CLF's IV rank is 72 of 100 on 28 Sep 2026.

Figure	Value
IV rank	72 of 100
At the money IV	66.1%, near month, 32 days
Put/call ratio, open interest	0.54
Call open interest, strikes captured near the price	257,000 contracts
Put open interest, strikes captured near the price	138,000 contracts
Cost to trade at the money	Fair, 25.1% of the option's mid price

IV rank is where the at the money IV sits among CLF's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, CLF options priced a move of 19.5 percent down and 20.3 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	6.9%	6.6%	10.45 to 11.96
9 Oct 2026	11	10.8%	10.3%	10.01 to 12.38
23 Oct 2026	25	17.1%	17.9%	9.30 to 13.23
30 Oct 2026	32	19.5%	20.3%	9.03 to 13.50
20 Nov 2026	53	25.5%	26.8%	8.36 to 14.23
18 Dec 2026	81	30.2%	31.8%	7.83 to 14.79
19 Mar 2027	172	43.3%	44.7%	6.36 to 16.24

The range is one standard deviation either side of the close of 11.22, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, CLF's call wall is the 13 strike and its put wall is the 11 strike.

Figure	Value
Call wall, most open call gamma	13
Put wall, most open put gamma	11
Net dollar gamma, calls minus puts	$708,751
Total dollar gamma, both sides	$5.25 million
Close	11.22

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 2 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, CLF's at the money IV is 66.1 percent against 20 day realized volatility of 56.3 percent.

Figure	Value
At the money IV	66.1%
Realized volatility, 20 trading days	56.3%
Realized volatility, 60 trading days	61.0%
IV against its own weekly record	In the middle
Weekly readings on record	849, from 8 Jan 2010
Weeks the price moved more than the one week priced move	30.9% of 236 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, CLF's at the money IV runs from 59.9 percent at 4 days to 63.1 percent at 172 days.

Days to expiry	At the money IV
4	59.9%
11	64.3%
18	62.8%
25	67.3%
39	63.2%
53	66.8%
81	64.1%
172	63.1%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, CLF's IV ten percent below the price sits 1.7 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	67.8%	+1.7 points
At the money	66.1%	0.0 points
10% above the price	65.3%	-0.8 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, CLF's surface spans 10 expiries out to 172 days, with IV from 58.7 to 68.5 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	26
Lowest IV among them	58.7%
Highest IV among them	68.5%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, CLF has 10 captured expiries, from 2 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	59.9%	5,544	11,282
9 Oct 2026	11	64.3%	4,087	3,285
16 Oct 2026	18	62.8%	56,834	26,352
23 Oct 2026	25	67.3%	11,095	4,623
30 Oct 2026	32	66.1%	4,013	1,685
6 Nov 2026	39	63.2%	7	61
20 Nov 2026	53	66.8%	14,880	8,652
18 Dec 2026	81	64.1%	62,150	25,188
15 Jan 2027	109	64.3%	83,842	36,457
19 Mar 2027	172	63.1%	14,456	20,267

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, CLF's largest open interest sits at the 13 strike, with 64,304 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
13	51,043	13,261	64,304
15	46,924	8,783	55,707
8	9,751	28,896	38,647
10	13,988	20,590	34,578
12	20,534	13,212	33,746
14	19,675	9,114	28,789

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, CLF's at the money IV moved from 65.7 percent to 66.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	65.7%	66.1%	+0.4 points
Open interest, strikes captured near the price	397,007	394,760	-2,247
Put/call ratio, open interest	0.52	0.54	+0.01

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 153,650 CLF option contracts traded, 4.5 times its own recent average.

Figure	Value
Calls traded	52,504
Puts traded	101,146
Against its recent average	4.5 times
Busier than	20 of its last 20 trading days
Open interest, whole chain	537,397 contracts
Volume to open interest	0.29
Unusual volume flag	Yes, 8 contracts traded well above open interest
Largest flagged contract	The 10.5 put expiring 16 Oct, 22,356 traded against 314 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of CLF's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	12.41	$3.01 million	13	12
21 Sep 2026	12.07	$772,250	13	11
28 Sep 2026	11.22	$708,751	13	11

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of CLF was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	11.54, the swing high of 14 Sep 2026
Level below the close	8.84, the swing low of 20 Jul 2026
Strategy family	Long straddle (buy a call and a put at the same strike)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 CLF sat at the 39th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	28 of 100	Neutral
20 trading days	44 of 100	Neutral
45 trading days	39 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026 CLF's near timeframes were neutral and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Signal History

On 25 Sep 2026 CLF had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	39 of 100
24 Sep 2026	None	65 of 100
23 Sep 2026	None	37 of 100
22 Sep 2026	None	36 of 100
21 Sep 2026	None	52 of 100
18 Sep 2026	None	56 of 100
17 Sep 2026	None	50 of 100
16 Sep 2026	None	37 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 35 of 62 Materials names were bullish and 11 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Materials	62	35	11	16

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

CLF closed at 11.22 on 28 Sep 2026.

Figure	Value
Last close	11.22
Change over 5 trading days	-7.0%
Change over 21 trading days	-5.2%
Change over 63 trading days	+19.6%
Change over 252 trading days	-7.0%
52 week high	16.70
52 week low	7.73
20 day moving average	12.14
50 day moving average	11.78
200 day moving average	11.42
RSI, 14 days	42

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

CLF reports next on 19 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	19 Oct 2026, before the open
Date	Worked out from past quarters
Move after the report of 23 Jul 2026	+16.0%
Move after the report of 20 Apr 2026	-2.1%
Move after the report of 9 Feb 2026	-16.4%
Move after the report of 20 Oct 2025	+21.5%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Seasonality

In the 36 Septembers on record, CLF's average change was minus 3.1 percent, and it rose in 47.2 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-3.1%	-1.5%	47.2%	36
October	+1.9%	+1.7%	55.6%	36
November	+4.6%	+2.5%	55.6%	36

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 4 headlines naming CLF in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	4
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is CLF's IV rank?: CLF's IV rank is 72 of 100 on 28 Sep 2026.
What move are CLF options pricing?: On 28 Sep 2026, CLF options priced a move of 19.5 percent down and 20.3 percent up by 30 Oct 2026.
Where are CLF's call wall and put wall?: On 28 Sep 2026, CLF's call wall is the 13 strike and its put wall is the 11 strike.
What was the latest Trade Card for CLF on the Free plan?: On 25 Sep 2026 the Trade Card for CLF was a long straddle expiring 30 Oct 2026, paper trading.
When does CLF report earnings next?: CLF reports next on 19 Oct 2026, a date worked out from past quarters.

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