Salesforce options drew more activity than the IGV software ETF on Tuesday, with 61% of premium tied to calls ahead of earnings due after Wednesday's close.
10,600 call contracts were bought versus just over 4,100 puts, extending a monthlong bullish turn in software options as IGV call volume ran at more than twice puts.
Cboe LiveVol data imply a 7.8% post-earnings move in Salesforce—more than double the stock's realized move after its past four reports.
One trader spent $650,000 on 2,000 Friday-expiring $195 calls, effectively betting on an almost 10% jump into the weekend.
The wager matters beyond one stock: Salesforce is down more than 50% from its peak, but software shares have rebounded over 25% from April lows, meeting a technical bull-market threshold.
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