Salesforce (CRM) Options Signal Deep Bearish Sentiment: Key Strikes at $220P and $300C Point to Volatility Playbook

• Salesforce (CRM) trades at $228.71, down 2.06% with RSI at 22.96—oversold territory but not a guaranteed rebound signal.
• Options market shows 0.728 put/call open interest ratio, with 9,244 puts at $220P (this Friday) vs. 9,070 calls at $300C.
• Block trades silent today, but EULAV Asset Management’s $21M stake boost hints at long-term conviction.

Here’s the thing: CRM’s price action and options data are painting a clear picture. The stock is in a short- and long-term bearish trend, with technical indicators screaming caution. But the options market isn’t just bearish—it’s positioned for a fight. Let’s break down what that means for traders today.

Where the Money Is: Puts at $220P vs. Calls at $300C

The options chain is a battleground. For this Friday’s expiration, the $220P strike has 9,244 open interests—the highest among puts. That’s a price level traders are bracing for, possibly seeing it as a psychological floor. Meanwhile, the $300C call (9,070 OI) is a moonshot play, suggesting some bet on a sharp rebound.

But here’s the twist: The put/call ratio (0.728) favors calls overall. That might seem bullish, but context matters. High OI at extreme strikes ($300C is 31% above current price) often signals panic buying, not optimism. Think of it like a storm—everyone’s buying umbrellas, but no one’s sure how long the rain will last.

Block trades? Quiet today. No whale-sized moves to tip the scales. But the EULAV Asset Management news from last week—adding $21M to its CRM stake—is a subtle green flag. It’s not a short-term signal, but it shows big players see value in Salesforce’s AI-driven future, even amid near-term turbulence.

News That Could Flip the Script

Salesforce’s new Slackbot powered by Anthropic’s AI is a tech win, but the 2025 security breaches are a shadow over its reputation. The options market isn’t pricing in the AI upgrade—it’s focused on risk. Traders are hedging against a repeat of last year’s chaos, which explains the heavy put buying at $220P.

The whale trades reported (both puts and calls) add noise. A $163K bearish put sweep and a $68K call buy suggest a tug-of-war between those expecting a breakdown and those eyeing a rebound. But without a clear majority, it’s a coin toss. The real story is the $220P strike—watch volume there to gauge if the market is testing support or preparing to break it.

Your Playbook: Strikes to Watch and Entry Levels

For options traders:

• Bullish bet: Buy the CRM20260123C250 (next Friday’s $250 call, 1052 OI). If CRM holds above $226.44 (intraday low), this could catch a rebound.
• Bearish hedge: Buy the CRM20260116P220 (this Friday’s $220 put, 9244 OI). If the stock gaps down, this caps losses.

For stock traders:

• Entry near $226.44 (current intraday low) with a stop below $220. Target: $210 if the put-heavy market wins.
• Contrarian entry: If CRM rallies above $232.615 (intraday high), consider a short-term long play near $235, targeting the 30D support at $265.57.

Volatility on the Horizon

CRM’s future hinges on execution. The AI upgrades are a long-term win, but near-term risks—like another security scare—could keep the stock pinned below its 200D MA ($255.77). The options market is pricing for a volatile week, with key inflection points at $220 (support) and $250 (resistance).

Bottom line: This isn’t a stock to fade. If you’re in, hedge with the $220P. If you’re out, watch the $250C for a breakout signal. Either way, CRM’s next move will tell us if the bears have won—or if this is just a setup for a bigger rally.