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CRM Call Spread Sees 165.7% Gain as Stock Climbs $8—A Close Look at the Numbers
A substantial call spread trade in Salesforce (CRM) options grabbed attention on December 5, 2025, after it swiftly jumped in value. The numbers: this multi-leg spread—spanning the 260 and 270 strikes—traded for an average price of $0.75 at 9:30:13 a.m., but just under two hours later was worth $1.99. That’s a 165.7% gain for the buyer as CRM shares jumped by $8.08 to $260.76, outpacing most of the market on the day.
Trade Breakdown: Structure and Key Facts
| Parameter | Details |
|---|---|
| Option Type | Call Spread (260/270) |
| Expiration | 05-Dec-25 |
| Contracts Traded | 4,406 |
| VWAP Trade Price | $0.75 |
| VWAP at 11:20am | $1.99 |
| Gain per Contract | $1.24 |
| Percentage Gain | 165.7% |
| Buyer’s Total Cost | ~$165,000 |
| Max Profit Potential | ~$2 million (if CRM > $270 at expiration) |
| Stock Reference Price (at trade) | $252.68 |
Want to dig deeper into call spreads or spot more multi-leg trades? Explore the Multi-Leg Trade Screener.
Buyer’s Intent: Limited Risk for Significant Upside
This call spread structure signals a calculated bullish play with defined risk and capped reward. By spending roughly $165,000, the trader stands to make as much as $2 million—provided CRM closes above $270 on expiration. It’s a strategic wager on continued stock upside, capitalizing on momentum with manageable risk if the rally fizzles. With CRM breaking above short-term resistance and trading above key moving averages, the bet isn’t just hopeful—it’s based on recent, sharp bullish behavior in the underlying shares.
Technical Indicators Point Bullish Despite Slightly Bearish Options Skew
Technical Picture: Fast Bullish Crossover as Stock Outperforms in the Short Term
| Technical Metric | CRM Value |
|---|---|
| Stock Price | $260.76 |
| Price Change (Today) | +$13.30 (+5.37%) |
| Open-to-Close % Change | +4.4% |
| Above 20-Day Avg | +10.5% |
| Above 50-Day Avg | +7.2% |
| Below 250-Day Avg | -5.3% |
| 20/50-Day Fast Bullish Crossover | Yes |
| Vs. 52W Low (Nov 2025) | +17.5% |
| Vs. 52W High (Dec 2024) | -29.0% |
CRM is enjoying a breakout moment: its price not only breached expected resistance at $252.23, but it’s also well above both its 20-day and 50-day moving averages—a technical sign that bullish sentiment may continue in the near term. Although still trailing its longer-term (250-day) average, the recent "Fast Bullish Crossover" hints at potential momentum shifts.
Performance vs. Market: CRM Lags Long-Term, Leads Recently
| Duration | CRM Return | Low | High | SPY Return |
|---|---|---|---|---|
| Today | +5.5% | 249.50 | 261.88 | +0.3% |
| 2 Week | +15.8% | 221.96 | 261.88 | +5.2% |
| 1 Month | +2.6% | 221.96 | 261.88 | +1.7% |
| 3 Month | +7.1% | 221.96 | 267.13 | +6.1% |
| 6 Month | -0.5% | 221.96 | 276.80 | +15.8% |
| 1 Year | -28.6% | 221.96 | 367.15 | +14.2% |
| YTD | -21.6% | 221.96 | 367.09 | +18.1% |
| 3 Year | +82.5% | 126.34 | 369.00 | +73.8% |
| 5 Year | +16.8% | 126.34 | 369.00 | +94.5% |
While CRM underperformed the S&P 500 (SPY) over the last year, recent momentum paints a different story—outperforming the index by a wide margin in the last 2 weeks (+15.8% vs +5.2%) and last 3 months (+7.1% vs +6.1%). This rapid turnaround aligns with the sharp gains seen post-call spread execution, reinforcing why some traders are willing to make big, leveraged bets.
Option Skew Signals Slight Bearishness Despite Price Rally
Contrasting the bullish short-term momentum, CRM’s 30-day implied volatility skew sits at a 50% rank—suggesting the market sees a slightly bearish or neutral posture for CRM over the coming month. The Market Chameleon Proprietary Skew Indicator analyzes forward-looking implied volatility, with 100% representing the most bullish market in the past year. At the midpoint, skew is hardly an all-clear for unrestrained upside but does not rule out further rallies, especially as event-driven catalysts drive volatility.
Salesforce News and Catalysts: AI and Holiday Spending Fuel Upward Moves
The recent surge in CRM stock also arrives alongside strong Cyber Week performance news: Salesforce data revealed global sales hit a record $336.6 billion during the week, with the company’s AI and digital agents powering 61 million orders. Personalized recommendations, high-uptime cloud solutions, and growing AI adoption were major growth drivers, possibly fueling CRM’s break above resistance. This wave of AI-driven e-commerce and service engagement suggests that CRM’s momentum could have staying power—particularly as the holiday shopping season pushes demand for enterprise cloud and commerce solutions.
View multi-leg CRM trade analysis for a deeper look at options positioning and strategies.
Key Takeaway: High-Risk, High-Reward Bet with Bullish Technical Backdrop
While we don’t know who initiated the massive CRM call spread, the trade reveals confidence that recent momentum will continue. The short-term technicals are bullish, fueled by positive fundamental catalysts, but option markets reflect some skepticism via a slightly bearish skew. This blend of signals highlights both the opportunity—and risk—of betting big on further CRM gains. As always, those interested in tracking more sophisticated trades or searching for the next big opportunity can check out the Multi-Leg Trade Screener.
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NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. Average returns and occurrences are calculated from snapshots of market mid-point prices and were not actually executed, so they do not reflect actual trades, fees, or execution costs. This report is for informational purposes only, and is not intended to be a recommendation to buy or sell any security. Neither Market Chameleon nor any other party makes warranties regarding results from its usage. Past performance does not guarantee future results. Please consult a financial advisor before executing any trades. You can read more about option risks and characteristics at theocc.com.
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Disclosure: This article was generated with the assistance of AI