CRM Credit Put Spread (Bull Put) — May 15, 2026

CRM (SALESFORCE.COM INC) presents a credit put spread (bull put) opportunity with very elevated implied volatility. IV Rank 73. IV 2929.0% trades -168.0pp above 30-day HV (3097.0%). This setup favors net premium sellers.

Sell the $160 put and buy the $150 put for protection. Bullish setup — profits if CRM stays above $160 at expiration. Defined risk equal to the spread width minus credit collected. Underlying ~$164.96, 19 DTE. Max profit $109 per contract, max loss $892, 12.2% return on risk, 84% POP. Breakeven at $158.91.

Management: take profit at ~50% of max profit ($54). Cut at 2x credit ($217 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: CRM @ ~$180.18 Expiration: May 15, 2026 (19 DTE) Legs:

• Sell CRM May 15, 2026 $160 Put (delta -0.16, mid $1.87)
• Buy CRM May 15, 2026 $150 Put (delta -0.08, mid $0.79)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~5.3% of mid) before sending.

Take profit at 50% of max profit ($54). Cut loss if position reaches 2x credit received ($217 loss). Roll if tested with > 14 DTE remaining.