CLF wheel: cash-secured put & covered-call yields
Cleveland-Cliffs Inc. · Materials · $14.10 close on Oct 19, 2026
What the Oct 19, 2026 close says about CLF
At 65.7% implied volatility, the options market is pricing a one-standard-deviation move of about $2.74 (19.4%) in CLF by Nov 20, 2026, 32 days out.
Selling the $13 put (−0.29Δ) for $0.50 means assignment would leave a cost basis of $12.50, 11.3% below the $14.10 close.
The 60-day 0.30Δ put pays 1.7× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.016 vs $0.014).
At 0.30Δ on the Nov 20 expiry the put yields 3.85% on its strike and the call 4.04% on spot: puts and calls pay within 10% of each other on CLF this session.
Moving down to the $12.50 put (−0.22Δ) buys 3.5% more room below spot and keeps 82% of the 0.30Δ premium.
Open interest in the stored window totals 61,714 contracts; the largest single line is the $15 call expiring Dec 18 with 10,383 (16.8% of the window).
By options volume CLF ranks #16 of 608 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on CLF
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $13 | −0.29 | $0.50 Oct 19 | $50.00 | $1,300 | 3.85% | 43.9% | $12.50 | 1,123 | 1,306 |
| 0.20Δ | $12.50 | −0.22 | $0.41 Oct 19 | $41.00 | $1,250 | 3.28% | 37.4% | $12.09 | 0 | 72 |
Snapshot #4193 · session 2026-10-19 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $13 | −0.31 | $0.84 Oct 19 | $84.00 | $1,300 | 6.46% | 39.3% | $12.16 | 4,902 | 333 |
| 0.20Δ | $12 | −0.21 | $0.45 Oct 19 | $45.00 | $1,200 | 3.75% | 22.8% | $11.55 | 1,724 | 271 |
Snapshot #4193 · session 2026-10-19 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on CLF
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $16 | 0.30 | $0.57 Oct 19 | $57.00 | 4.04% | 46.1% | 17.52% | 199.8% | 1,337 | 1,341 |
| 0.20Δ | $17.50 | 0.20 | $0.20 Oct 19 | $20.00 | 1.42% | 16.2% | 25.53% | 291.2% | 0 | 28 |
Snapshot #4193 · session 2026-10-19 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $17 | 0.28 | $0.55 Oct 19 | $55.00 | 3.90% | 23.7% | 24.47% | 148.8% | 4,531 | 688 |
| 0.20Δ | $18 | 0.22 | $0.43 Oct 19 | $43.00 | 3.05% | 18.6% | 30.71% | 186.8% | 0 | 305 |
Snapshot #4193 · session 2026-10-19 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
CLF volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 65.7%session 2026-10-19
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 61,714 contractssession 2026-10-19
- Largest open-interest line
- $15 call · Dec 18 · 10,383
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #16 of 608 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.