Mixed options sentiment in Cleveland-Cliffs (CLF), with shares up 12c, or 1.29%, near $9.79. Options volume roughly in line with average with 17k contracts traded and puts leading calls for a put/call ratio of 1.0, compared to a typical level near 0.62. Implied volatility (IV30) dropped 0.55 near 71.7,and above the 52wk median, suggesting an expected daily move of $0.44. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Cleveland-Cliffs (CLF) will report earnings before the open on 2026-04-20.Option markets are pricing in a 50% probability of a move greater than 9.57% or $0.94.
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