Clearwater Paper (CLW) Options Chain

18.97-0.54 (-2.77%)

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

Expiration date

Expiration: Nov 20, 2026
Days to expiration: 40
Share price: $18.97
Put/call ratio (OI): 0.20
Put/call ratio (volume): 1.11
ATM implied volatility: 70.4%
Expected move: ±$4.42
Open interest (C / P): 1.58K / 311

CLW options summary

The CLW options chain for the November 20, 2026 expiration lists 5 call and 4 put contracts, with 40 days until expiration. Open interest stands at 1,584 calls and 311 puts, a put/call ratio of 0.20, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $20.00 strike is 70.4%, which implies the market expects a move of about ±$4.42 (23.3%) in Clearwater Paper stock by expiration.

The most open interest sits at the $20.00 call (913 contracts) and the $17.50 put (208 contracts).

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

CLW options chain · November 20, 2026

CLW 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
1	—	—	13.20	17.20	20.80	2.50	—	—	—	—	—	—
—	—	—	—	—	—	10.00	0.00	0.05	0.05	89.8%	—	2
—	—	—	—	—	—	15.00	0.10	0.95	1.90	83.4%	—	1
1	—	182.3%	2.15	3.90	6.40	17.50	0.50	1.40	0.70	64.8%	100	208
CLW $18.97
913	150	73.9%	1.49	0.05	1.45	20.00	0.80	2.30	1.92	66.8%	100	100
600	2	66.0%	1.25	0.05	1.10	22.50	—	—	—	—	—	—
69	28	75.0%	0.28	0.00	0.75	25.00	—	—	—	—	—	—

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 CLW put/call ratio?

For the November 20, 2026 expiration, the CLW put/call ratio based on open interest is 0.20 (311 puts vs 1,584 calls), and 1.11 based on today's volume. A ratio above 1 means more puts than calls.

What is CLW's implied volatility?

At-the-money implied volatility for CLW options expiring November 20, 2026 is about 70.4%, an annualized estimate of how much the market expects Clearwater Paper stock to move.

How many CLW option expiration dates are there?

CLW has 5 listed expiration dates, from Oct 16, 2026 to Dec 17, 2027.

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.