Looking At Cleveland-Cliffs's Recent Unusual Options Activity

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 10 uncommon options trades for Cleveland-Cliffs.

This isn't normal.

The overall sentiment of these big-money traders is split between 70% bullish and 30%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $57,783, and 8 are calls, for a total amount of $254,366.

Expected Price Movements

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $9.0 and $17.0 for Cleveland-Cliffs, spanning the last three months.

Analyzing 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 $9.0 to $17.0 over the preceding 30 days.

Cleveland-Cliffs 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

About Cleveland-Cliffs

Cleveland-Cliffs Inc is a flat-rolled steel producer and manufacturer of iron ore pellets in North America. It is organized into four operating segments based on differentiated products, Steelmaking, Tubular, Tooling and Stamping and European Operations, but operates through 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.

Following our analysis of the options activities associated with Cleveland-Cliffs, we pivot to a closer look at the company's own performance.

Present Market Standing of Cleveland-Cliffs

• Trading volume stands at 3,407,636, with CLF's price up by 3.86%, positioned at $13.57.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 7 days.

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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.