Cleveland-Cliffs Inc. (CLF) IV/HV History
Comparing implied volatility to historical (realized) volatility reveals whether options are priced rich or cheap relative to actual price movement. Persistent gaps can signal trading opportunities.
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
- ATM IV
- 63.5%
- HV 20-Day
- 70.6%
- HV 60-Day
- 73.4%
- IV Rank
- 26.4%
- IV Percentile
- 29.0%
As of May 15, 2026, Cleveland-Cliffs Inc. (CLF) ATM implied volatility is 63.5%. 20-day realized volatility is 70.6%, producing an IV-HV spread of -7.2 vol points. Realized volatility currently exceeds implied, an inversion that can signal a pending IV expansion. IV rank is 26.4%.
How CLF iv/hv history Data Feeds Strategy Selection
Strategy selection on Cleveland-Cliffs Inc. options does not derive from any single metric in isolation. The iv/hv history view above sits inside a broader read: ATM IV currently sits at 63.5% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the iv/hv history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
Learn how implied vs realized volatility is reported and how to read the data →
CLF highest implied-volatility 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 iv within the broader S&P 500/400/600 + ETF universe.
Frequently asked CLF iv/hv history questions
- Is CLF options pricing rich or cheap right now?
- As of May 15, 2026, Cleveland-Cliffs Inc. (CLF) ATM IV is 63.5% against 20-day realized volatility of 70.6%. IV rank is 26.4%. Realized volatility currently exceeds implied: an inversion of the typical equity volatility risk premium that often precedes IV expansion.
- What is the CLF variance risk premium?
- The variance risk premium is the persistent gap between implied and subsequently realized volatility. In equity markets it averages positive because option sellers demand compensation for bearing variance shocks. CLF is currently pricing inverted to the historical pattern, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does CLF IV rank mean for strategy selection?
- IV rank normalizes the current ATM IV to its 1-year range: 0% is the low, 100% is the high. CLF's current rank of 26.4% signals where current pricing sits in its own 1-year history. High-rank regimes typically favor premium-selling structures (credit spreads, condors, covered calls); low-rank regimes typically favor premium-buying or long-volatility structures.