Investors with a lot of money to spend have taken a bullish stance on Cleveland-Cliffs CLF.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CLF, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 12 uncommon options trades for Cleveland-Cliffs.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $179,128, and 10 are calls, for a total amount of $471,790.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $22.0 for Cleveland-Cliffs over the last 3 months.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Cleveland-Cliffs's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Cleveland-Cliffs's substantial trades, within a strike price spectrum from $10.0 to $22.0 over the preceding 30 days.
Cleveland-Cliffs Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| CLF | CALL | SWEEP | BULLISH | 02/02/24 | $19.00 | $146.5K | 5.1K | 4.4K |
| CLF | PUT | TRADE | BULLISH | 12/19/25 | $10.00 | $122.0K | 12.2K | 2.0K |
| CLF | PUT | TRADE | BEARISH | 02/02/24 | $20.50 | $57.1K | 107 | 300 |
| CLF | CALL | TRADE | BEARISH | 01/17/25 | $10.00 | $46.5K | 2.0K | 100 |
| CLF | CALL | SWEEP | BEARISH | 01/17/25 | $10.00 | $46.3K | 2.0K | 50 |
About Cleveland-Cliffs
Cleveland-Cliffs Inc is a flat-rolled steel producer and manufacturer of iron ore pellets in North America. It has one reportable segment -Steelmaking. It is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. It serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Geographically, it operates in the United States, Canada and other countries. The majority of revenue is from the United States. It is a supplier of steel to the automotive industry in North America.
Cleveland-Cliffs's Current Market Status
- Trading volume stands at 3,923,895, with CLF's price up by 1.5%, positioned at $18.7.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 0 days.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Cleveland-Cliffs with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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