CRM Short Put — Sep 18, 2026
Trade Setup
Current Stock Price
$315.00
Entry Price
$315.00
Target Price
$157.50
Stop Loss
$630.00
Expiration
Sep 18, 2026
Suggested Contracts
1
Strike Details
Sell 180P
Risk / Reward
Max Loss
$17685.00
Max Profit
$315.00
Analysis
CRM (Salesforce, Inc. Common Stock) presents a short 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 $180 put for $3.15 credit. Naked single-leg exposure; collect premium from time decay if CRM stays above the strike. Underlying ~$192.74, 30 DTE. Max profit $315 per contract, max loss $17685, 1.8% return on risk, 81% POP. Breakeven at $176.85.
Management: take profit at ~50% of max profit ($158). Cut at 2x credit ($630 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): ~$315.00 per spread Legs:
- Sell CRM Sep 18, 2026 $180 Put (delta -0.19, mid $3.15)
Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~6.3% of mid) before sending.
Management Plan
Take profit at 50% of max profit ($158). Cut loss if position reaches 2x credit received ($630 loss). Roll if tested with > 14 DTE remaining.