CRM Options Signal Bullish Bias: Calls at $290 Dominate as RSI Near Overbought Levels Suggest Volatility Play

• CRM trades at $262.96, up 0.23% with RSI near 83.45—overbought territory.
• Next Friday’s $290 call options (CRM20251219C290) lead open interest, hinting at bullish bets.
• Put/call ratio for open interest sits at 0.618, showing strong call dominance.

Here’s the takeaway: Salesforce’s options market is leaning hard into a bullish narrative, with heavy call buying at key strikes and technicals pointing to potential volatility. But let’s dig into why this matters for your strategy today.

Bullish Sentiment Locked in OTM Calls, But Puts Tell a Different Story

The options chain for CRM is a case study in asymmetric positioning. For next Friday’s expiration (Dec 19), the CRM20251219C290 call option leads with 18,386 open contracts—over double the next highest strike. This suggests institutional players or large traders are pricing in a meaningful pop, possibly around earnings or product announcements. The $300 and $340 strikes also show heavy open interest, painting a picture of a market that’s pricing in a sharp move higher.

But the puts tell a quieter story. The most watched put strike is $220 (CRM20251219P220) with 6,160 open contracts. While this isn’t insignificant, the put/call ratio of 0.618 (calls outweighing puts by ~60%) shows the crowd is more focused on upside than downside protection. That’s not to say a drop isn’t possible—just that the options market isn’t pricing it in aggressively.

No block trades are reported today, which means this setup is driven by retail and institutional options activity rather than large, directional bets from big players. Still, the concentration of call open interest at $290+ is a signal worth watching.

No Recent News, But Technicals Are the Story

There’s no major news in the pipeline for Salesforce, which means the current price action is being driven by technical factors. The RSI at 83.45 is screaming “overbought,” and the MACD histogram (3.98) is in strong bullish territory. However, the stock is trading near its 200-day moving average ($258.54) and just below the upper Bollinger Band ($267.89).

This creates a tension: the technicals suggest a potential pullback is due, but the options market is pricing in a sharp move higher. If the stock breaks above $267.89, the bulls could be validated. A drop below the 30-day support at $260.32, though, might trigger a reevaluation of that bullish thesis.

Actionable Trade Ideas: Calls for Volatility, Puts for Caution

For options traders, the CRM20251219C290 call is a high-conviction play. If you’re comfortable with aggressive leverage, this strike offers a way to bet on a sharp move without needing the stock to gap higher immediately. The RSI suggests momentum is stretched, but if the bulls hold the $260 support level, this could be a low-risk/high-reward setup.

For a more conservative approach, consider a call spread using the $280 and $300 strikes. Buy the CRM20251219C280 (8,239 OI) and sell the CRM20251219C300 to cap risk while still profiting from a moderate pop. This limits downside if the stock consolidates.

Stock traders should consider entry near $260.31 (30-day support) with a target at $267.89 (upper Bollinger Band). If the price holds here, it could signal a continuation of the bullish trend. A break below $254.36 (200-day support) would flip the script, making the CRM20251219P250 put a viable hedge.

Volatility on the Horizon: Balancing Optimism and Caution

The key takeaway? CRM is in a high-stakes moment. The options market is pricing in a bullish outcome, but technical indicators like the RSI and MACD signal that a correction could be near. This isn’t a one-way bet—it’s a setup where timing and risk management matter.

If you’re bullish, the next 72 hours will be critical. A close above $267.89 could validate the call-heavy positioning. A drop below $260.31 would force a reevaluation. Either way, the options market has already told us where the action is likely to be.

Bottom line: Position yourself to capitalize on the bullish bias, but keep a tight stop. The market isn’t giving you free money—it’s giving you a chance to play a well-timed hand.