Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
CLF options intelligence
Cleveland-Cliffs Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 30 Jul 2026
Checked 31 Jul 2026 04:02 · complete available chain
Call-side pressure
Bullish pressure
CLF currently carries bullish options pressure with a 40/100 conviction score. The nearest-chain expected move is 3.8%, with volume/open-interest participation at 0.03.
Expected move
3.8%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.67
Call-side skew
Trend fit
50
Options are not fully confirming trend
Weekly backdrop
+28.6%
RS -3.4
Expected move
3.8%
Put-call volume
0.67
Volume / OI
0.03
Reference IV
0.82
Max pain
10.50
Underlying
11.93
Nearest expiry
31 Jul 2026
Contracts
706
Research Brief
CLF has a bullish chain read with 40/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 11.48–12.38; The largest call open-interest concentration is 13.00; the largest put concentration is 12.00. The most active strike by current volume is 12.00.
Priced range11.48–12.38
Call concentration13.00
Put concentration12.00
Max pain reference10.50
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 11.48 to 12.38. Max pain at 10.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
11.4811.93 ± 0.4512.38
Confirmation level
A close beyond 12.38 or below 11.48 at the 31 Jul expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 40/100
Pressure is 26/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure26 × 42%
+11.1
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement50 × 26%
+12.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility71 × 10%
+7.1
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 13.00; the largest put concentration is 12.00. The most active strike by current volume is 12.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
280
7.00-41.3%
86
3858
7.50-37.1%
6
2436
8.00-32.9%
356
980
8.50-28.8%
221
796
9.00-24.6%
4078
478
9.50-20.4%
3038
2218
10.00-16.2%
3484
592
10.50-12.0%
885
1943
11.00-7.8%
1661
1924
11.50-3.6%
1730
4207
12.000.6%
5029
2733
12.504.8%
2238
52
13.009.0%
10572
28
13.5013.2%
1973
5
14.0017.4%
1125
2
15.0025.7%
676
0
23.0092.8%
451
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.82
31 Jul
1d
0.68
7 Aug
8d
0.68
14 Aug
15d
0.65
21 Aug
22d
0.65
28 Aug
29d
0.65
4 Sep
36d
0.59
11 Sep
43d
0.67
18 Sep
50d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
10
11
11
12
12
13
13
14
14
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 706 / 706
- No material coverage gap was detected in the retained chain.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $2.0M of estimated gross traded notional, calls · 0-7 days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+26
1W price+28.6%
Call premium61%
Put premium39%
Notional split
C 61% / P 39%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
50/100
Agreement between options pressure and Sharemaestro market context.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 0-7 days · ITM
calls cluster with 2847 contracts traded, $355294 estimated gross traded notional, and 17% of visible notional.
$355294
Puts · 0-7 days · ITM
puts cluster with 964 contracts traded, $328419 estimated gross traded notional, and 16% of visible notional.
$328419
Calls · 91+ days · OTM
calls cluster with 1869 contracts traded, $271000 estimated gross traded notional, and 13% of visible notional.
$271000
Calls · 46-90 days · ITM
calls cluster with 333 contracts traded, $145001 estimated gross traded notional, and 7% of visible notional.
$145001
Calls · 46-90 days · ATM
calls cluster with 972 contracts traded, $123498 estimated gross traded notional, and 6% of visible notional.
$123498
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Activity Anomaly
Warming up
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close11.93
1W+28.6%
RS-3.4
Fair value-8.8%
Options pressure26
Speculation41
Volatility71
Trend fit50
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:32
Bullish
Pressure 42
Move 5.8%
30 Jul 10:31
Bullish
Pressure 45
Move 6.9%
30 Jul 19:47
Bullish
Pressure 25
Move 3.8%
31 Jul 03:02
Bullish
Pressure 26
Move 3.8%
Strike Map
Where activity is clustering
Strike4.00
Calls · V 18 · OI 21
Puts · V 0 · OI 1
Strike5.00
Calls · V 36 · OI 29
Puts · V 0 · OI 14
Strike6.00
Calls · V 24 · OI 29
Puts · V 0 · OI 12
Strike6.50
Calls · V 9 · OI 20
Puts · V 0 · OI 6
Strike7.00
Calls · V 11 · OI 86
Puts · V 0 · OI 280
Strike7.50
Calls · V 14 · OI 6
Puts · V 3 · OI 3858
Strike8.00
Calls · V 7 · OI 356
Puts · V 3 · OI 2436
Strike8.50
Calls · V 3 · OI 221
Puts · V 0 · OI 980
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts70
Avg IV0.82
Put-call0.33
Expiry7 Aug 2026
Contracts60
Avg IV0.68
Put-call1.59
Expiry14 Aug 2026
Contracts60
Avg IV0.68
Put-call2.17
Expiry21 Aug 2026
Contracts62
Avg IV0.65
Put-call0.84
Expiry28 Aug 2026
Contracts54
Avg IV0.65
Put-call2.34
Skew
Call/put IV balance
31 Jul 2026Put IV premium
Call IV0.92
Put IV1.05
Skew0.13
7 Aug 2026Balanced skew
Call IV0.70
Put IV0.67
Skew-0.03
14 Aug 2026Call IV premium
Call IV0.73
Put IV0.65
Skew-0.08
21 Aug 2026Balanced skew
Call IV0.65
Put IV0.65
Skew-
28 Aug 2026Balanced skew
Call IV0.68
Put IV0.67
Skew-0.01
Contract Tape
Most active contracts
ContractCLF260807P00011500
SidePut
Expiry7 Aug 2026
Strike11.50
Volume1731
OI2600
IV0.65
ContractCLF260821P00011000
SidePut
Expiry21 Aug 2026
Strike11.00
Volume1507
OI3751
IV0.63
ContractCLF260821C00012000
SideCall
Expiry21 Aug 2026
Strike12.00
Volume1248
OI16168
IV0.66
ContractCLF260731C00012000
SideCall
Expiry31 Jul 2026
Strike12.00
Volume1182
OI5029
IV0.92
ContractCLF260814P00012500
SidePut
Expiry14 Aug 2026
Strike12.50
Volume1001
OI59
IV0.57
ContractCLF260731C00011500
SideCall
Expiry31 Jul 2026
Strike11.50
Volume920
OI1730
IV1.07
ContractCLF261016C00012000
SideCall
Expiry16 Oct 2026
Strike12.00
Volume756
OI5139
IV0.68
ContractCLF260731C00010000
SideCall
Expiry31 Jul 2026
Strike10.00
Volume508
OI3484
IV2.52
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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Earnings
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.