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CRM

Salesforce, Inc.Close $180.10EOD only

Max Pain

$177.50

Next expiry May 22, 2026

Expected Move

±$6.28

3.5% from close

Price Gap

-2.60

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.74

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects CRM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

CRM Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

6.5 / 10

base 5; +1.5 large bearish premium flow; +0.5 GEX/flow aligned; -0.5 mixed P/C ratio

Watch next session: $180P 5/15 OI buildup; Call flow at $190 to defend max pain

Flow Summary

Net premium: -$35.3M bearish

P/C volume ratio: 1.07 — slight put lean

P/C OI ratio: 0.86 — moderate call lean in positioning

Net premium flow is decisively bearish, driven by massive put buying at the $180 strike. However, the P/C volume ratio is only mildly elevated, and open interest still shows a call lean, creating a conflicting picture between today's flow and existing positioning.

Notable Prints

CRM 5/15 $180 Put

Vol: 34,261

OI: 3,570

Vol/OI: 9.6x

IV: 39.7%

Notional: ~$6.4M

Intent: Large directional put purchase or protective hedge

Dual read: Bought to open (bearish) vs. sold to close (bullish)

Read-through: The 9.6x volume/OI ratio and massive associated premium flow (-$26M net at $180) strongly suggest new bearish positioning. This is the anchor of today's bearish flow.

CRM 5/15 $190 Call

Vol: 25,946

OI: 776

Vol/OI: 33.4x

IV: 40.4%

Notional: ~$4.8M

Intent: Fresh call buying or a roll

Dual read: Bought to open (bullish) vs. sold as part of a spread (neutral/bearish)

Read-through: Extremely high vol/OI suggests new activity. Given the bearish net premium context, this could be a long call hedge against a larger short position or a bullish bet expecting a rebound toward max pain ($190).

CRM 5/15 $175 Put

Vol: 2,017

OI: 1,266

Vol/OI: 1.6x

IV: 40.9%

Notional: ~$376k

Intent: Follow-on put buying or adjustment

Dual read: Adds to the $180 put bearish flow

Read-through: Supports the bearish thesis established by the $180P print, building a put wall in the $175-$180 zone for the May expiration.

CRM 4/10 $187.50 Call

Vol: 1,008

OI: 265

Vol/OI: 3.8x

IV: 37.6%

Notional: ~$188k

Intent: Near-term directional bet or hedge

Dual read: Bet on a quick bounce to just above spot

Read-through: This near-dated, slightly OTM call flow provides a counter-narrative, possibly betting on a short-term squeeze back toward $190. Its smaller size makes it a tactical play vs. the structural bearish bets in May.

Institutional Positioning

Call additions: May $190 calls (large volume), April $187.5/$190 calls (smaller)

Put additions: May $180 puts (massive), May $175 puts (supportive)

GEX/DEX consistency: Yes — Negative GEX (-$13.5M) aligns with bearish premium flow, suggesting a pro-cyclical (trending) regime where weakness could be accelerated.

OI clusters: Major call OI at $210, $220, $230 (distant). Major put OI at $230, $190. The $190 put wall (7.5K OI) is a key near-term support level, just below max pain.

Hedging evidence: Strong evidence of hedging/protection via the massive $180 put flow. The simultaneous large call flow at $190 could indicate a collar (long put, short call) or separate bullish/bearish views across timeframes.

Max pain context: Spot ($186.67) is below nearest expiration max pain ($190). The rising MP trend ($190 → $195) suggests OI is building at higher strikes, but today's flow is betting against that drift.

Signal vs Noise

~The large $180 put and $190 call prints in the same expiration (5/15) could be legs of a large risk-reversal (selling calls, buying puts) or collar, which is net bearish but defined-risk.

~Small volume in the top OI strikes (e.g., $210C, $220C) indicates today's flow is not interacting with the major existing positioning walls; it's establishing new exposure.

~The elevated IV (~40%) for the May expiration is consistent with new directional positioning, not just rolling or closing activity.

Key Conclusions

⚠️Bearish flow anchored by a massive ~$6.4M notional put buy at $180 for May.

⚖️Conflicting signals: bearish premium flow vs. only slightly elevated P/C ratio and call-heavy OI.

📉Negative GEX (-$13.5M) supports the bearish flow, indicating a trending regime where moves may accelerate.

🎯Watch $190 (max pain) as a magnet and $180 (new put OI) as a target. A break below $185 confirms the bearish flow.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.