38.44K calls and 78.79K puts traded on Nov 4, 2026, 117.22K contracts in total. Open interest was 772.15K contracts. Over the past 30 days, volume averaged 71.63K contracts per day. The CLF option volume chart shows volume by strike and expiration date.

Cleveland-Cliffs IV rank is 47, so its 30-day implied volatility of 67.0% is near the middle of its one-year range. Over the past year it ranged from 49.5% on Dec 31, 2025 to 86.7% on Jul 15, 2026. See the CLF implied volatility history for a longer view.

The Cleveland-Cliffs put/call volume ratio was 2.05 on Nov 4, 2026, so puts outnumber calls. The put/call open interest ratio was 0.62. The CLF open interest chart shows calls and puts at each strike.

As of the Nov 4, 2026 close, max pain for Cleveland-Cliffs options about one week from expiration was $14.00, 9.1% above the $12.83 close. The CLF max pain chart shows it for every expiration date.

Based on 7-day implied volatility of 75.1%, options price a move of about ±$1.33 (±10.4%) over the next week, a range of roughly $11.50 to $14.16 from the Nov 4, 2026 close. The CLF expected move chart shows it for every expiration date.