Cleveland-Cliffs Inc. (CLF) Gamma Exposure (GEX) & Greeks
Gamma exposure (GEX) analysis shows how options positioning creates dealer hedging pressure across strikes. Includes delta, vanna, charm, vomma, and vega exposure by strike price.
Cleveland-Cliffs Inc. (CLF) operates in the Basic Materials sector, specifically the Steel industry, with a market capitalization near $6.27B, listed on NYSE, employing roughly 30,000 people, carrying a beta of 2.01 to the broader market. Cleveland-Cliffs Inc. Led by C. Lourenco Goncalves, public since 1987-11-05.
Snapshot as of May 15, 2026.
- Spot Price
- $10.27
- Net Gamma
- $2.1M
- Net Delta
- -$108.0M
- Net Vega
- -$1.0M
- Gamma Concentration
- 0.10
As of May 15, 2026, Cleveland-Cliffs Inc. (CLF) has positive net gamma exposure of $2.1M under the standard dealer-hedging convention. Net delta exposure is -$108.0M. Positive GEX means dealers are net long gamma: they buy into dips and sell into rallies, damping realized volatility and often causing price to pin near heavy open-interest strikes.
CLF Strategy Sizing in the Current GEX Regime
Cleveland-Cliffs Inc. is in a positive dealer-gamma regime ($2.1M). Net dealer delta of -$108.0M sets the size of the directional hedging flow that fires as spot moves. In this regime, mean-reverting strategies fit the regime: credit spreads, iron condors, covered calls near established ranges. Realized volatility tends to undershoot implied during positive-gamma stretches, supporting the short-vol structures. The gamma-flip level - the spot price at which net dealer gamma changes sign - is the most actionable anchor for sizing: through-flip moves trigger qualitatively different hedging behavior than within-regime moves, so risk-defined structures sized to the current spot may not stay sized correctly if a flip is near.
Learn how gamma exposure is reported and how to read the data →
CLF largest gamma exposure contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| PUT | $11.00 | May 29, 2026 | 717 | 113 | 58.5% | $0.86 | $0.97 |
| CALL | $10.00 | Jun 18, 2026 | 4.5K | 18.5K | 64.2% | $0.94 | $0.99 |
| CALL | $22.00 | Jan 15, 2027 | 8 | 24.1K | 67.4% | $0.34 | $0.36 |
| CALL | $11.00 | May 22, 2026 | 1.8K | 2.1K | 60.1% | $0.11 | $0.12 |
| CALL | $12.00 | Jun 18, 2026 | 647 | 21.0K | 64.1% | $0.27 | $0.29 |
| CALL | $10.00 | Jun 18, 2026 | 4.5K | 18.5K | 64.2% | $0.94 | $0.99 |
| PUT | $10.50 | May 22, 2026 | 681 | 408 | 58.5% | $0.41 | $0.48 |
| CALL | $11.00 | Jun 18, 2026 | 1.4K | 15.7K | 63.2% | $0.51 | $0.54 |
| CALL | $13.00 | Jun 18, 2026 | 88 | 17.1K | 65.8% | $0.14 | $0.17 |
| PUT | $11.00 | May 22, 2026 | 624 | 419 | 60.1% | $0.77 | $0.84 |
Top 10 contracts from the ORATS-sourced nightly scan; ranked by gex within the broader S&P 500/400/600 + ETF universe.
Frequently asked CLF gamma exposure (gex) & greeks questions
- What is the current CLF gamma exposure (GEX)?
- As of May 15, 2026, Cleveland-Cliffs Inc. (CLF) net gamma exposure is positive at $2.1M under the standard dealer-hedging convention. Net dealer delta exposure is -$108.0M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is CLF in positive or negative dealer gamma right now?
- CLF is currently in positive dealer gamma. Dealers net long gamma buy underlying weakness and sell into rallies to maintain delta-neutrality, which dampens realized volatility and tends to pin price near heavy open-interest strikes.
- What does CLF GEX tell options traders?
- GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the dealer-gamma regime, so reading the sign and magnitude of net GEX before sizing positions is standard practice.