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CLF options analytics

CLF · Stock

Data as of 25 September 2026 (end of day)

CLF options are pricing a 30-day at-the-money volatility of 64.5%, a move of about ±18.5% over the next month. Its history here is 8 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta puts carry 1.65 volatility points more than the calls.

The term structure is inverted: 90-day volatility is 1% below 30-day, which happens when the market prices something dated into the nearer expirations.

Its next earnings report is 2026-10-24 (estimated from its reporting cadence).

Current readings

30-day ATM implied volatilityⓘ
64.48%

Prices a move of about ±18.5% over 30 days, or ±4.1% on a typical day.

25-delta risk reversalⓘ
+1.65

Puts carry 1.65 volatility points more than calls the same distance from the money.

25-delta butterflyⓘ
+3.07

The wings carry 3.07 volatility points more than at-the-money.

Term structure slopeⓘ
0.988

90-day volatility is 1% below 30-day.

Where 30-day implied volatility sits

Against 8 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$12.18
30-day implied forward
$12.38
60-day ATM IV
66.68%
90-day ATM IV
63.73%
180-day ATM IV
63.94%
Expirations used
10
Total open interest
479,452
Put / call open interest
0.52

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 8 sessions

58%60%62%64%66%2026-09-16 — 30-day ATM IV 59%2026-09-17 — 30-day ATM IV 60%2026-09-18 — 30-day ATM IV 59%2026-09-21 — 30-day ATM IV 61%2026-09-22 — 30-day ATM IV 63%2026-09-23 — 30-day ATM IV 64%2026-09-24 — 30-day ATM IV 65%2026-09-25 — 30-day ATM IV 64%16 Sep18 Sep22 Sep23 Sep25 Sep
Show the underlying numbers (most recent 8)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2564.48%+1.650.988$12.18
2026-09-2464.91%-1.110.988$12.50
2026-09-2364.26%+0.390.979$12.87
2026-09-2262.52%+4.291.027$12.53
2026-09-2160.55%+0.281.028$12.07
2026-09-1859.20%-0.131.043$12.50
2026-09-1759.73%-0.341.062$12.76
2026-09-1659.13%+0.921.059$12.15

The chart covers every session in the archive, 8 in total. The table lists the most recent 8.

25-delta risk reversal

Last 8 sessions

-2.00.02.04.06.02026-09-16 — 25-delta RR (volatility points) 0.92026-09-17 — 25-delta RR (volatility points) -0.32026-09-18 — 25-delta RR (volatility points) -0.12026-09-21 — 25-delta RR (volatility points) 0.32026-09-22 — 25-delta RR (volatility points) 4.32026-09-23 — 25-delta RR (volatility points) 0.42026-09-24 — 25-delta RR (volatility points) -1.12026-09-25 — 25-delta RR (volatility points) 1.716 Sep18 Sep22 Sep23 Sep25 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

7d (2026-10-02) · 14d (2026-10-09) · 21d (2026-10-16)

50%55%60%65%70%75%2026-10-02 (7d) — 5Δ C — IV 65.59%2026-10-02 (7d) — 10Δ C — IV 60.96%2026-10-02 (7d) — 15Δ C — IV 59.67%2026-10-02 (7d) — 20Δ C — IV 58.45%2026-10-02 (7d) — 25Δ C — IV 57.66%2026-10-02 (7d) — 30Δ C — IV 57.14%2026-10-02 (7d) — 35Δ C — IV 56.74%2026-10-02 (7d) — 40Δ C — IV 56.45%2026-10-02 (7d) — 45Δ C — IV 56.24%2026-10-02 (7d) — ATM — IV 56.06%2026-10-02 (7d) — 45Δ P — IV 55.91%2026-10-02 (7d) — 40Δ P — IV 55.83%2026-10-02 (7d) — 35Δ P — IV 55.90%2026-10-02 (7d) — 30Δ P — IV 56.38%2026-10-02 (7d) — 25Δ P — IV 57.13%2026-10-02 (7d) — 20Δ P — IV 57.76%2026-10-02 (7d) — 15Δ P — IV 58.04%2026-10-02 (7d) — 10Δ P — IV 58.35%7d2026-10-09 (14d) — 15Δ C — IV 62.79%2026-10-09 (14d) — 20Δ C — IV 61.18%2026-10-09 (14d) — 25Δ C — IV 60.14%2026-10-09 (14d) — 30Δ C — IV 59.53%2026-10-09 (14d) — 35Δ C — IV 59.46%2026-10-09 (14d) — 40Δ C — IV 59.77%2026-10-09 (14d) — 45Δ C — IV 60.03%2026-10-09 (14d) — ATM — IV 59.46%2026-10-09 (14d) — 45Δ P — IV 58.06%2026-10-09 (14d) — 40Δ P — IV 57.32%2026-10-09 (14d) — 35Δ P — IV 57.68%2026-10-09 (14d) — 30Δ P — IV 58.40%2026-10-09 (14d) — 25Δ P — IV 58.80%2026-10-09 (14d) — 20Δ P — IV 58.94%2026-10-09 (14d) — 15Δ P — IV 59.19%2026-10-09 (14d) — 10Δ P — IV 60.09%14d2026-10-16 (21d) — 5Δ C — IV 72.88%2026-10-16 (21d) — 10Δ C — IV 65.61%2026-10-16 (21d) — 15Δ C — IV 63.41%2026-10-16 (21d) — 20Δ C — IV 63.37%2026-10-16 (21d) — 25Δ C — IV 63.54%2026-10-16 (21d) — 30Δ C — IV 63.83%2026-10-16 (21d) — 35Δ C — IV 63.67%2026-10-16 (21d) — 40Δ C — IV 63.35%2026-10-16 (21d) — 45Δ C — IV 62.55%2026-10-16 (21d) — ATM — IV 62.29%2026-10-16 (21d) — 45Δ P — IV 63.65%2026-10-16 (21d) — 40Δ P — IV 64.63%2026-10-16 (21d) — 35Δ P — IV 63.99%2026-10-16 (21d) — 30Δ P — IV 63.23%2026-10-16 (21d) — 25Δ P — IV 62.91%2026-10-16 (21d) — 20Δ P — IV 62.77%2026-10-16 (21d) — 15Δ P — IV 63.42%2026-10-16 (21d) — 10Δ P — IV 65.49%2026-10-16 (21d) — 5Δ P — IV 71.34%21d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta7d14d21d
5Δ call65.59%—72.88%
10Δ call60.96%—65.61%
15Δ call59.67%62.79%63.41%
20Δ call58.45%61.18%63.37%
25Δ call57.66%60.14%63.54%
30Δ call57.14%59.53%63.83%
35Δ call56.74%59.46%63.67%
40Δ call56.45%59.77%63.35%
45Δ call56.24%60.03%62.55%
ATM56.06%59.46%62.29%
45Δ put55.91%58.06%63.65%
40Δ put55.83%57.32%64.63%
35Δ put55.90%57.68%63.99%
30Δ put56.38%58.40%63.23%
25Δ put57.13%58.80%62.91%
20Δ put57.76%58.94%62.77%
15Δ put58.04%59.19%63.42%
10Δ put58.35%60.09%65.49%
5Δ put——71.34%

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-10-027$12.2556.06%57.13%57.66%-0.53+1.3410
2026-10-0914$12.2759.46%58.80%60.14%-1.34+0.0110
2026-10-1621$12.3162.29%62.91%63.54%-0.63+0.9415
2026-10-3035$12.4165.20%70.11%67.76%+2.35+3.7411
2026-11-2056$12.3067.28%65.55%66.99%-1.43-1.0112
2026-12-1884$12.4064.22%64.84%64.30%+0.54+0.3617
2027-01-15112$12.4462.38%66.78%61.57%+5.21+1.7918
2027-03-19175$12.4664.46%62.92%61.50%+1.43-2.2514
2027-04-16203$12.6661.84%65.83%61.17%+4.66+1.6614
2027-06-17265$12.6962.50%64.40%60.88%+3.52+0.1412

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

10 listed expirations produced a usable reading

55%60%65%70%2026-10-02 — 7 days — at-the-money IV 56.06%2026-10-09 — 14 days — at-the-money IV 59.46%2026-10-16 — 21 days — at-the-money IV 62.29%2026-10-30 — 35 days — at-the-money IV 65.20%2026-11-20 — 56 days — at-the-money IV 67.28%2026-12-18 — 84 days — at-the-money IV 64.22%2027-01-15 — 112 days — at-the-money IV 62.38%2027-03-19 — 175 days — at-the-money IV 64.46%2027-04-16 — 203 days — at-the-money IV 61.84%2027-06-17 — 265 days — at-the-money IV 62.50%7306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-10-027 days$12.2556.06%$12.2910
2026-10-0914 days$12.2759.46%$12.3510
2026-10-1621 days$12.3162.29%$12.4515
2026-10-3035 days$12.4165.20%$12.6711
2026-11-2056 days$12.3067.28%$12.7312
2026-12-1884 days$12.4064.22%$13.0017
2027-01-15112 days$12.4462.38%$13.2018
2027-03-19175 days$12.4664.46%$13.7614
2027-04-16203 days$12.6661.84%$14.0814
2027-06-17265 days$12.6962.50%$14.6212

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
64.48%
60 days
66.68%
90 days
63.73%
180 days
63.94%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 8 sessions

0.960.981.001.021.041.061.082026-09-16 — 90-day over 30-day 1.062026-09-17 — 90-day over 30-day 1.062026-09-18 — 90-day over 30-day 1.042026-09-21 — 90-day over 30-day 1.032026-09-22 — 90-day over 30-day 1.032026-09-23 — 90-day over 30-day 0.982026-09-24 — 90-day over 30-day 0.992026-09-25 — 90-day over 30-day 0.9916 Sep18 Sep22 Sep23 Sep25 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.

Earnings

What the options priced in before each report, and what happened

Next report

2026-10-24Time not statedEstimated from its reporting cadence

Reports

Newest first. The implied move is one standard deviation, priced from the session before the release.

ReportSessionImplied ±RealisedRealised / implied
2026-07-23Before the open———
2026-04-20Before the open———
2026-02-09Before the open———
2025-10-20Before the open———
2025-07-21Before the open———
2025-05-07After the close———
2025-02-24After the close———
2025-02-03After the close———
2024-11-04After the close———
2024-07-22After the close———
2024-04-22After the close———
2024-01-29After the close———
2023-10-23After the close———

The implied move is read from the at-the-money straddle on the first expiration strictly after the report date, converted to a one-standard-deviation move and divided by the forward. Realised moves are the close-to-close return across the event, measured from the session before the release to the session after it.

Report dates that have already happened come from the company’s own 8-K filing and are exact. A date still in the future is either one the company has announced, or an estimate from its reporting cadence.