Cleveland-Cliffs’ Recent Options Activity, Explained
Options flow in Cleveland-Cliffs (CLF) has tilted bullish of late. A look back at the company’s options tape shows 14 unusual trades flagged recently, enough to suggest larger, more deliberate positioning rather than routine noise.
What traders are signaling
Across those trades, 57% skewed bullish and 21% leaned bearish. In dollar terms, that activity breaks down into 6 puts totaling $1,108,225 and 8 calls worth $443,042. The mix points to a market feeling its way through risk on both sides, yet with an overall bullish bias.
Where big money is aiming
Based on the volume and open interest tied to these contracts, larger traders have concentrated around a $5.0 to $15.0 price band for Cleveland-Cliffs over the past three months. That focus—tight, practical, repeatable—reads like strategic positioning around key levels rather than a scattershot bet.
Volume and open interest, at a glance
Current readings show average open interest near 2466.25, with total volume at 12,562.00. Observational charts track how call and put activity has shifted within the $5.0 to $15.0 strikes over the last 30 days, highlighting where size has shown up most consistently.
30-day activity snapshot
Over the past month, CLF options have drawn interest across a range of expirations and strikes. Participation hasn’t clustered in just one corner of the chain—it’s spread, but with clear attention to that $5.0–$15.0 corridor.
Key options transaction
Below is one notable print from the recent flow—useful as a single, concrete example of how traders have been expressing their views:
- Symbol: CLF
- PUT/CALL: PUT
- Trade Type: SWEEP
- Sentiment: BEARISH
- Expiration Date: 01/17/25
- Ask Price: $2.0
- Bid Price: $1.95
- Transaction Price: $1.98
- Strike Price: $12.00
- Total Trade Price: $402.5K
- Open Interest: 7.3K
- Volume: 2.0K
About Cleveland-Cliffs
Cleveland-Cliffs Inc produces flat-rolled steel and iron ore pellets in North America. The company is vertically integrated—it processes raw inputs and carries them through to finished steel products. While it reports primarily through one steelmaking segment, operations are organized across four product areas: Steelmaking, Tubular, Tooling and Stamping, and European Operations.
Cleveland-Cliffs supplies many North American automakers and runs most of its footprint in the United States and Canada.
Current market check for CLF
- Trading volume sits at 6,453,127, with shares down 3.29% at $10.89.
- RSI readings indicate CLF may be in oversold territory.
- Earnings are expected in roughly 41 days.
Analyst read on positioning
Recent commentary on the stock trends bullish, with an average price target of $15.75 over the last month.
- Seaport Global upgraded CLF to Buy and set a $16 target.
- Morgan Stanley reiterated an Equal-Weight rating with a $15 target.
Options can amplify returns but also risk. Traders who do well tend to size carefully, time entries and exits, and watch multiple indicators—not just one print or one chart.
Frequently Asked Questions
How is Cleveland-Cliffs trading right now?
Shares trade at $10.89, down 3.29% on the day, with volume at 6,453,127.
What’s the options crowd signaling?
Among the unusual trades flagged, 57% were bullish and 21% bearish, pointing to a modest bullish tilt overall.
What price range are larger traders focused on?
Recent activity has clustered around the $5.0 to $15.0 range over the past three months.
When are the next earnings?
The next report is expected in about 41 days.
How integrated is Cleveland-Cliffs’ business?
It’s vertically integrated from raw materials through finished steel, with operations structured across Steelmaking, Tubular, Tooling and Stamping, and European Operations.
