CRM
Salesforce, Inc.Close $180.10EOD onlyMax 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
55
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 Theta Report
Analysis based on market close March 31, 2026
Consensus-supported lens with chain history and key metrics in the rail.
Theta Verdict
Attractiveness6.5 / 10
Sizing: Moderate
Primary: Sell put credit spreads below OI support, favoring 30-45 DTE.
Invalidation: Close all credit positions if price breaks and holds below the $175 major OI put strike.
Confidence:
7 / 10
base 5; +1 normal IV; +1 trending regime (negative GEX) for defined-risk spreads; +1 strong OI walls; -1 net negative premium flow; -0.5 earnings >8 weeks away
IV Environment
IV Regime
Normal
IV vs VIX
IV 46% — Normal regime for CRM. No VIX comparison provided.
Favorable?
Yes
Term structure: Humped at 5/08 (38 DTE, IV 48.4%), normal contango thereafter.
💰IV ~46% provides adequate premium for defined-risk strategies.
📊Term structure peak at 38 DTE favors selling in that tenor.
Pin Risk Assessment
Spot vs MP: Below max pain by 1.8% (spot $186.67 vs MP $190)
GEX regime: Trending (GEX -$13.5M — pro-cyclical)
OI concentrations: Major Call Walls: $210 (10.6K), $220 (8.3K), $230 (7.6K). Major Put Walls: $230 (7.6K), $190 (7.5K).
Verdict: Unfavorable for pure pinning plays. The trending regime and distance from max pain suggest price can move. However, strong OI walls provide clear support/resistance levels for structuring trades.
Premium Opportunities
#1
put spread
Sell $180/$175 Put Spread exp 2026-05-15 (45 DTE)
Targets the $180 strike with massive put premium flow ($26.3M). The $175 put shows high OI (1.3K) and unusual volume, creating a strong support cluster. 45 DTE captures elevated IV (40.6%) and allows for theta decay management. Defined risk suits the trending (negative GEX) environment.
Credit: $0.85-$1.10
Max loss: $4.15
BE: $179.15
Mgmt: Close at 65% max profit. Roll the spread up/out if $180 tested but not breached. Exit entire position if CRM closes below $175.
#2
call spread
Sell $210/$215 Call Spread exp 2026-06-18 (79 DTE)
Places short strike at the largest OI call wall ($210, 10.6K OI), providing strong resistance. The 79 DTE expiration uses the elevated IV (45.8%) and provides a wide buffer (~12.5% above spot). The trending regime makes upside moves possible, making defined-risk call spreads prudent.
Credit: $1.15-$1.45
Max loss: $3.85
BE: $211.15
Mgmt: Close at 50% max profit. Consider rolling up/out if price approaches $205. Exit if CRM closes above $210.
#3
iron condor
Sell $175/$170 Put Spread & $210/$215 Call Spread exp 2026-05-15 (45 DTE)
Combines the put support ($175) and call resistance ($210) themes into one trade. Captures IV from the 45 DTE tenor. The wide breakevens ($171.80 - $213.20) provide a 12.7% buffer on the put side and a 14.2% buffer on the call side, suitable for a trending stock.
Credit: $1.80-$2.20
Max loss: $3.20
BE: 171.80 / 213.20
Mgmt: Close entire condor at 50% max profit. Manage wings independently: roll tested side out in time and width. Exit entire position if either short strike is breached on a closing basis.
#4
cash-secured put
Sell $175 Put exp 2026-05-15 (45 DTE)
For capital-secure sellers willing to own CRM. The $175 strike is a high-conviction support level (high OI, unusual volume). Premium of ~$5 represents a 2.9% return in 45 days (~23.5% annualized) for taking assignment risk 6.2% below spot.
Credit: $4.50-$5.50
Max loss: $170.50
BE: $170.50
Mgmt: Roll down and out (e.g., to $170 strike) if tested. Accept assignment below $175 if still bullish on long-term prospects.
Risk Alerts
!Trending Gamma Regime (GEX -$13.5M): Dealers amplify price moves, increasing the risk of sharp trends. Favor defined-risk spreads.
!Net Negative Premium Flow (-$35.3M): Suggests more premium paid than collected, often a bearish flow signal. Be cautious with naked calls.
!Major OI Call Wall at $210: This is a key resistance level. A break above could trigger a covering rally toward $220/$230.
!Unusual Activity in May $180 Puts & $190 Calls: Large block trades may indicate institutional positioning. Monitor these strikes.
!Earnings Expected ~2026-05-27 (8+ weeks away): No immediate earnings risk, but plan to close or roll all short premium positions at least 2 weeks prior.
How to Use These Reports
This theta 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.