CLFCleveland-Cliffs Inc.
CLF Options Overview
IV is elevated with bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
CLF Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 81.7% — elevated vs history
IV/HV 1.23x — IV premium over HV
Sector percentile 74% — above sector median
Front/Back 0.91x — contango
Put/Call IV 1.16x — elevated
ATM IV 61.1% — normal range
Effective IV 83.1% (ATM 61.1% + spread 11.0% + bias) — expensive
Total drag 16.49% (spread 10.98% + slippage 5.51%) — high friction
Vega efficiency 1.35 (vega 1.482 / spread 10.98%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -29% (bearish) — Raw: -20%
|OI skew| 26.1% — call-heavy
Vol skew +50.8%, OI skew +26.1% — aligned
0-DTE 22%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -4%, ATM: +1%, OTM: -30% — neutral (ITM/ATM divergent)
Sector P/C percentile 38% — bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.6x avg — normal
Vol/OI 3.1% — normal turnover
1 day(s) elevated — may be one-day event
OI change -2.6% (5d) — unwinding
Sector activity percentile 71% — active vs sector
Large trade volume 34% — institutional presence
Aggressive execution 54% — patient
Conviction -29 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 11.0% — wide
OI 728,709 — deep
Volume 22,833/day — active
$0.55 to cross — expensive
1 liquid strikes — limited options
Sector spread percentile 85% — much wider than sector
Depth 547.3 contracts (bid:271.9 ask:275.4) — deep
Avg slippage 5.51% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -9.3% — contango
IV percentile 82% — seller opportunity
IV kink -3.9pts — no clear event
θ/ν ratio 121.43 — favors income trades
5 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -29% @ 65% consistency — moderate (bearish)
Score 64 (ITM 20% + inst 34%) — HIGH institutional
Directional Strategy Fit
For educational purposes only. Not investment advice.
The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.