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: Jan 21, 2028
Days to expiration: 468
Share price: $12.98
Put/call ratio (OI): 0.45
Put/call ratio (volume): 0.54
ATM implied volatility: 64.6%
Expected move: ±$9.49
Open interest (C / P): 35.54K / 15.97K

CLF options summary

The CLF options chain for the January 21, 2028 expiration lists 16 call and 14 put contracts, with 468 days until expiration. Open interest stands at 35,539 calls and 15,973 puts, a put/call ratio of 0.45, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $12.00 strike is 64.6%, which implies the market expects a move of about ±$9.49 (73.1%) in Cleveland-Cliffs stock by expiration.

The most open interest sits at the $20.00 call (7.08K contracts) and the $12.00 put (4.17K contracts).

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

CLF options chain · January 21, 2028

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
32	3	—	12.26	10.90	13.05	1.00	—	—	—	—	—	—
27	5	111.3%	10.35	8.80	13.50	2.00	0.00	0.27	0.05	105.5%	2	92
88	35	109.4%	10.25	8.00	12.75	3.00	0.03	0.35	0.12	89.5%	65	142
1,749	1	93.8%	9.06	9.15	9.75	4.00	0.18	0.32	0.23	77.7%	1	65
3,360	24	79.0%	8.50	8.00	8.95	5.00	0.29	0.43	0.38	71.4%	5	3,565
2,525	1	74.5%	6.42	6.05	6.80	8.00	0.87	1.15	1.15	62.2%	4	3,272
4,961	31	69.8%	5.36	4.95	5.45	10.00	1.65	1.91	2.10	60.1%	1	2,016
2,266	130	69.9%	4.45	3.95	4.75	12.00	2.58	3.05	2.77	59.3%	2	4,169
CLF $12.98
4,095	183	68.8%	3.35	3.05	3.55	15.00	4.40	4.75	4.55	56.0%	10	460
2,485	15	68.1%	2.50	2.52	2.97	17.00	5.80	6.15	6.18	54.6%	2	2,105
7,084	16	67.0%	2.10	1.90	2.27	20.00	8.05	8.45	9.05	51.7%	2	9
469	1	65.4%	1.75	1.53	1.84	22.00	11.00	11.40	12.95	74.2%	60	76
1,662	25	65.8%	1.40	1.20	1.48	25.00	0.00	0.00	13.35	—	100	0
208	1	65.0%	0.82	0.91	1.31	27.00	—	—	—	—	—	—
2,120	1	65.8%	0.98	0.80	1.04	30.00	16.05	18.85	19.20	53.3%	1	1
2,408	4	66.8%	0.85	0.77	0.90	32.00	19.65	20.90	22.15	76.1%	—	1

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 January 21, 2028 expiration, the CLF put/call ratio based on open interest is 0.45 (15,973 puts vs 35,539 calls), and 0.54 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 January 21, 2028 is about 64.6%, 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.