Cleveland-Cliffs is set to report earnings on October 19, prompting options traders to brace for significant price volatility. After a nearly 16% one-day jump following its last quarterly report, implied volatility for short-term options has surged, reflecting fears of a repeat move. Traders are using a strategy called a "strangle-swap" to capitalize on expected volatility drops post-earnings while limiting risk. This approach profits if the stock price remains between $11 and $17 after the report, but risks increase if the stock moves sharply beyond these levels.
Cleveland-Cliffs shares are trading at USD 12.16 on Pluang, down 5.44% in the last day as of Oct 15, 2026 00:51 WIB. The stock remains well within its 52-week range of USD 7.82 to USD 16.18, with a market cap of $7.34 billion, reflecting cautious positioning ahead of the upcoming earnings report.
