An options trader sold a Nov. 20 short iron condor on Salesforce, collecting a total credit of $3.54. The position combines a 210/200 put spread with a 260/270 call spread.

If Salesforce remains between the short strikes through expiration, the trade targets a maximum profit of $354, with breakeven levels at $206.46 on the downside and $263.54 on the upside. The maximum loss is $646 if the stock moves outside the 200-270 range before expiration.

The shares were near $230, having risen to about $252 after Salesforce reported its August quarterly results. ServiceNow earnings on Oct. 27 could influence Salesforce, given their history of moving in sympathy with each other.