CRM Credit Put Spread (Bull Put) — Sep 18, 2026
Trade Setup
Current Stock Price
$220.00
Entry Price
$220.00
Target Price
$110.00
Stop Loss
$440.00
Expiration
Sep 18, 2026
Suggested Contracts
1
Strike Details
Sell 185P / Buy 175P
Risk / Reward
Max Loss
$780.00
Max Profit
$220.00
Analysis
CRM (Salesforce, Inc. Common Stock) 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 $185 put and buy the $175 put for protection. Bullish setup — profits if CRM stays above $185 at expiration. Defined risk equal to the spread width minus credit collected. Underlying ~$192.74, 30 DTE. Max profit $220 per contract, max loss $780, 28.2% return on risk, 76% POP. Breakeven at $182.80.
Management: take profit at ~50% of max profit ($110). Cut at 2x credit ($440 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.
Setup Instructions
Underlying: CRM @ ~$192.74 Expiration: Sep 18, 2026 (30 DTE) Net credit (entry): ~$220.00 per spread Legs:
- Sell CRM Sep 18, 2026 $185 Put (delta -0.24, mid $4.40)
- Buy CRM Sep 18, 2026 $175 Put (delta -0.14, mid $2.20)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~4.5% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($110). Cut loss if position reaches 2x credit received ($440 loss). Roll if tested with > 14 DTE remaining.