You can either purchase ribeye steak or a prime rib and take it yourself. I have purchased and cut a prime rib; if you already have the ribeye steaks, you can skip the next paragraph.
Start by placing the bone-in prime rib roast on a cutting board, fat side up. Decide how thick you want your steak to be; they are typically 1-1.5 inches. Using a sharp knife, make a mark across the top of the roast to mark each steak. Then, follow the incisions and apply firm, even pressure to get even steaks.
Take the ribeye out of the refrigerator 2 hours before cooking time. Then, using a basting brush, cover the ribeye with oil. Then, cover with salt and pepper. You can add a rub here if you like. If you have time, allow the steaks to sit in the fridge for 1-2 hours. Allow the meat to return to room temperature before you cook them.
Load the pellets, prime, and set the grill to 300°F. For ribeye steaks, I recommend fruitwood, such as cherrywood or applewood.
Once the smoker has come to temperature, put the steaks on the grill with the fat cap facing the hot spot. Insert the temperature probe into the thickest part.
Start making the jus if you would like to serve it with your steak; I have included the steps just below.
You don’t have to flip the steaks, but I recommend rotating the meat to ensure grill marks, an even roast, and no burning in the brown crust that forms.
When the steaks reach an internal temperature of 110°F-115°F on your instant-read meat thermometer, remove them and place them on a preheated charcoal or gas grill (or a cast iron pan on the stovetop).
Keep a close eye on the steaks. Allow them to cook for 2 minutes, then rotate them 90° to get the grill marks. After two more minutes, flip them and do the same thing.
Place the steaks on a cutting board and cover with foil when they have reached your desired doneness. Medium rare is 135°F, this will give you the most tender and juicy steaks.
During the resting period, the juices in the steak will redistribute, and the temperature will also rise.
Know you can cut the steaks as you desire and serve.
Ensure you run the shutdown cycle on your Traeger.