Cleveland-Cliffs (CLF) Options Chain

NYSE: CLFBasic MaterialsMetal MiningUSD

12.98+0.79 (+6.48%)

At close: Oct 9, 4:00 PM ET · Delayed 15 min

Expiration date

Expiration: Dec 18, 2026
Days to expiration: 68
Share price: $12.98
Put/call ratio (OI): 0.29
Put/call ratio (volume): 0.12
ATM implied volatility: 67.5%
Expected move: ±$3.78
Open interest (C / P): 106.85K / 31.05K

CLF options summary

The CLF options chain for the December 18, 2026 expiration lists 24 call and 23 put contracts, with 68 days until expiration. Open interest stands at 106,853 calls and 31,052 puts, a put/call ratio of 0.29, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $13.00 strike is 67.5%, which implies the market expects a move of about ±$3.78 (29.1%) in Cleveland-Cliffs stock by expiration.

The most open interest sits at the $13.00 call (51.51K contracts) and the $11.00 put (6.71K contracts).

Summary generated from market data by MetaCap's automated system. Methodology

CLF options chain · December 18, 2026

CLF calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
4	1	271.9%	12.21	11.25	12.75	1.00	0.00	2.14	0.02	—	6	4
12	2	240.6%	8.00	8.60	11.05	2.00	0.00	0.45	0.03	311.7%	1	26
82	2	278.9%	9.75	9.15	10.35	3.00	0.00	0.40	0.01	235.9%	5	172
0	2	—	7.40	0.00	0.00	4.00	0.00	0.03	0.01	118.8%	34	144
617	1	101.6%	7.57	7.25	8.75	5.00	0.00	0.08	0.01	114.1%	7	3,577
10	5	103.9%	6.51	6.30	7.80	6.00	0.01	0.03	0.03	84.4%	1	238
24	2	141.4%	5.18	5.40	6.45	7.00	0.00	0.06	0.04	73.4%	808	983
1,509	2	85.5%	4.95	4.90	5.40	8.00	0.06	0.11	0.08	72.3%	46	1,633
543	1	81.5%	4.42	4.00	4.55	9.00	0.15	0.25	0.18	71.9%	14	1,471
3,957	11	73.3%	3.50	3.30	3.50	10.00	0.30	0.44	0.40	69.7%	102	3,052
3,551	119	67.6%	2.64	2.42	2.79	11.00	0.54	0.65	0.57	65.8%	19	6,715
3,037	153	65.9%	2.05	1.83	2.10	12.00	0.93	1.03	0.94	65.6%	26	1,539
CLF $12.98
51,505	7,808	69.7%	1.56	1.52	1.59	13.00	1.41	1.54	1.43	65.2%	80	4,854
3,907	170	68.6%	1.16	1.09	1.19	14.00	1.99	2.22	2.17	66.1%	6	5,583
9,504	1,306	68.3%	0.83	0.79	0.87	15.00	2.62	2.85	4.00	62.8%	6	579
3,161	100	68.4%	0.60	0.52	0.69	16.00	3.35	3.75	3.70	64.5%	3	202
4,283	21	69.5%	0.45	0.39	0.52	17.00	4.15	4.50	4.30	60.4%	3	126
7,473	76	71.5%	0.18	0.15	0.22	20.00	7.30	7.90	8.37	99.9%	100	140
1,268	100	84.2%	0.11	0.06	0.35	22.00	9.75	10.20	11.95	134.1%	2	2
2,198	100	72.7%	0.04	0.01	0.07	25.00	12.00	14.90	15.05	175.9%	12	4
2,921	50	98.4%	0.04	0.02	0.26	27.00	9.00	13.35	11.20	—	1	1
1,605	2	91.8%	0.02	0.01	0.09	30.00	19.55	21.30	16.75	291.0%	2	0
643	25	112.5%	0.01	0.00	0.25	32.00	—	—	—	—	—	—
5,039	895	95.3%	0.01	0.00	0.05	35.00	20.50	25.50	22.25	193.0%	11	7

In-the-money callsIn-the-money puts. IV = implied volatility, OI = open interest (contracts). Each contract covers 100 shares. Quotes delayed at least 15 minutes.

Frequently asked questions

What is the CLF put/call ratio?

For the December 18, 2026 expiration, the CLF put/call ratio based on open interest is 0.29 (31,052 puts vs 106,853 calls), and 0.12 based on today's volume. A ratio above 1 means more puts than calls.

What is CLF's implied volatility?

At-the-money implied volatility for CLF options expiring December 18, 2026 is about 67.5%, an annualized estimate of how much the market expects Cleveland-Cliffs stock to move.

How many CLF option expiration dates are there?

CLF has 15 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

What does "in the money" mean?

A call is in the money when the strike price is below the current share price; a put is in the money when the strike is above it. In-the-money contracts have intrinsic value and are shaded in the table.