Salesforce (CRM) Options Signal Aggressive Bullish Bets at $250–$300: Here’s How to Play the AI-Driven Rebound

• CRM’s price dropped 1.7% to $239.48, breaking below its 30-day moving average of $248.45.
• Options data shows heavy call open interest at $250 and $300 strikes, with puts clustering at $227.5 and $237.5.
• Two AI acquisition announcements (Spindle AI and Doti) aim to boost Salesforce’s analytics but haven’t yet reversed the stock’s bearish trend.

Here’s the thing: Salesforce’s options market is a mixed bag of optimism and caution. While technicals scream short-term bearishness, the OTM call frenzy at $250–$300 suggests some big players are betting on a rebound. Let’s unpack what this means for traders.

The OTM Options Imbalance: A Bullish Bet or a Trap?

The options chain for CRM is telling a story of extremes. For Friday’s expiration, call open interest (OI) peaks at $250 (7,939 contracts) and $300 (7,353), while puts dominate at $227.5 (7,323) and $237.5 (4,439). This isn’t just noise—it’s a signal.

Think of it like a tug-of-war. The call buyers at $250 and $300 are essentially saying, "We expect a sharp rebound, even if it takes a miracle." Meanwhile, the put-heavy zone between $227.5 and $237.5 reflects a floor many traders see for the stock.

But here’s the catch: The put/call ratio for open interest is 0.61, meaning calls outweigh puts. That’s bullish sentiment, but it’s also a risk. If the stock stays below $250, those call buyers could face massive losses. The danger? A false breakout above $250 might trigger a short squeeze, but the 200-day MA at $266.21 is still a tall mountain to climb.

AI Acquisitions: Catalyst or Distraction?

Salesforce’s recent deals to acquire Spindle AI and Doti are supposed to turbocharge its AI-driven search tools. On paper, this should be positive. But the market isn’t buying it—yet.

Why the disconnect? The stock’s 1.7% drop suggests investors are skeptical about integration costs or execution risks. However, if these acquisitions pay off, they could justify a re-rating of CRM’s AI capabilities. The key question: Will the market reward these moves with a rally, or will they fade into the background as the broader tech sector corrects?

Actionable Trade Ideas: Play the Options Imbalance

For options traders, the most compelling setup is the $250 call expiring Friday (OI: 7,939). Why? It’s the closest OTM call to the current price ($239.48) with massive open interest. If CRM breaks above its intraday high of $242.83 and holds above $250, this strike could explode in value.

But don’t ignore the puts. A bear put spread at $237.5 and $227.5 (using Friday’s expiring puts) could profit if the stock dips below $238.62 (the lower Bollinger Band). The RSI at 38.54 suggests oversold territory isn’t far, but the 200-day MA support at $238.63–$240.96 is a critical battleground.

For stock traders, consider entry near $238.62 if the price holds above the lower Bollinger Band. A breakout above $248.45 (30D MA) would signal a potential rebound toward $251.32 (middle Bollinger Band). A stop-loss below $236.25 would protect against further downside.

Volatility on the Horizon: What to Watch

The next 72 hours will be critical. If CRM can’t hold above $238.62, the puts at $227.5 and $237.5 could dominate. But if the stock rallies above $250, the call frenzy might ignite a short-covering rally.

The AI news isn’t dead yet. If the market starts to view these acquisitions as a strategic win, CRM could surprise to the upside. For now, the options data and technicals suggest a volatile path ahead—with both risk and reward concentrated around $250.

Bottom line: This isn’t a clean setup. But if you’re willing to play the odds, the $250 call and the $237.5/$227.5 put spread offer clear, data-driven ways to position for either outcome. Just don’t ignore the 200-day MA—it’s a psychological wall that could define CRM’s next move.