Salesforce (CRM) Options Signal Aggressive Bullish Bets at $250–$300: Here’s How to Play the Volatility Playbook

• Options buyers are piling into $250–$300 calls ahead of next Friday’s expiry, with 7,813 open contracts at $250 alone.
• Put open interest is concentrated at $235–$240, hinting at a potential support test near $241.92.
• Put/call ratio for open interest is 0.589, showing a clear tilt toward bullish positioning.
• Price is stuck below all major moving averages, but RSI at 36 suggests oversold conditions could spark a rebound.

Here’s the thing: Salesforce’s options market is screaming that traders are prepping for a sharp move—either up or down. The question is, which way will it break? Let’s dig into the numbers.

Call Buyers Are Betting Big on a $250–$300 Rally—But Puts at $235 Warn of a Sharp Drop

The options chain tells a split story. For next Friday’s expiry, $250 calls (7,813 open interest) and $300 calls (7,446 OI) dominate the bullish side. That’s not just noise—it’s a sign of heavy conviction that CRM could rally 6–15% by then. Think of it like a football crowd chanting for a Hail Mary pass.

But the puts aren’t ignored. $235 puts (3,891 OI) and $220 puts (3,748 OI) show bears are bracing for a drop below the 200D support at $241.92. The put/call ratio of 0.589 (calls > puts) means the crowd is leaning bullish, but don’t sleep on the puts—they’re a net-of-bets hedge fund managers might use if they’re long the stock.

Block trading? Zilch. No whale-sized trades to tip the scales. So this is all retail and institutional options jockeys squaring off.

No Major News Means Options Sentiment Is the Real Story

The news feed is empty. No earnings, no product drops, no lawsuits—just silence. That’s rare. When companies go quiet, the market defaults to technicals and options positioning.

Here’s what that means: The $250–$300 call frenzy isn’t about fundamentals. It’s about volatility expectations. Traders are pricing in a move, and the lack of news removes uncertainty about near-term catalysts. In other words, this is a volatility trade, not a value play.

But let’s not ignore the RSI at 36. That’s textbook oversold territory. If the price breaks above the intraday high of $248.43, the RSI could snap back toward 50, giving bulls a tailwind.

Here’s How to Play the $250–$300 Bull Case (And Hedge the Downside)

For options traders:

• Buy $250 calls expiring next Friday (OI: 7,813). Why? The high open interest means liquidity, and if CRM cracks $250, these contracts could run. Target entry: $248.50. Stop: $244.50.
• Bear call spread: Sell $250 calls and buy $270 calls to cap risk. If CRM rallies past $250, you lock in profits.

For stock traders:

• Buy near $244.50 (previous close) if support holds. Target: $254.50 (30D resistance). Stop: $241.92.
• Short near $241.92 if the price breaks below. Target: $235.29 (lower Bollinger Band). Stop: $244.49.

Volatility on the Horizon—Position for a $240–$280 Range Battle

CRM isn’t going to trend higher until it clears the 200D MA at $267.85. But right now, it’s stuck in a $235–$250 box. The options data suggests a breakout is coming—either via a short-covering rally or a breakdown into oversold territory.

My take? The $250 calls are the most compelling bet. The RSI is primed for a rebound, and the Bollinger Bands are squeezing—classic setup for a break. But don’t go all-in. Use the puts at $235 as a hedge if you’re bullish.

Bottom line: This isn’t a stock to fade. It’s a volatility play with clear levels. The key is to pick your side before Friday’s expiry and stick to it—or adjust if the price surprises.

Final Call: If you’re bullish, $250 calls next Friday are your best bet. If you’re bearish, $235 puts offer downside protection. And if you’re neutral? Cash-secured puts at $240 could generate income while testing your conviction.

The market’s already priced in a move. Now it’s just a question of which way the crowd will follow.