How are BJ iron condor max profit and max loss calculated?

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the BJ iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.80%), the computed maximum profit is $225.00 per contract and the computed maximum loss is -$275.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BJ iron condor?

The breakeven for the BJ iron condor priced on this page is roughly $102.75 and $117.25 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BJ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BJ implied volatility affect this iron condor?

BJ ATM IV is at 35.80% with IV rank near 39.32%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

BJ Iron Condor Strategy

BJ (BJ's Wholesale Club Holdings, Inc.), in the Consumer Defensive sector, (Discount Stores industry), listed on NYSE.

BJ's Wholesale Club Holdings, Inc., alongside its subsidiaries, manages a network of membership-based retail warehouses primarily located across the eastern United States. This enterprise provides a range of products including perishable goods, general merchandise, and gasoline, in addition to various supplementary services. Customers can acquire items through its dedicated websites—BJs.com, BerkleyJensen.com, Wellsleyfarms.com, and Delivery.bjs.com—as well as via its mobile application. By June 10, 2022, the company's operational footprint extended to 229 warehouse clubs and 160 gas stations across 17 states. Originally incorporated as Beacon Holding Inc., the company rebranded to BJ's Wholesale Club Holdings, Inc. in February 2018. Established in 1984, its corporate headquarters are situated in Westborough, Massachusetts.

BJ (BJ's Wholesale Club Holdings, Inc.) trades in the Consumer Defensive sector, specifically Discount Stores, with a market capitalization of approximately $13.94B, a trailing P/E of 23.61, a beta of 0.23 versus the broader market, a 52-week range of 83.21-113.35, average daily share volume of 1.8M, a public-listing history dating back to 2018, approximately 35K full-time employees. These structural characteristics shape how BJ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.23 indicates BJ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a iron condor on BJ?

An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.

BJ snapshot

As of November 13, 2026, spot at $110.59, ATM IV 35.80%, IV rank 39.32%, expected move 10.26%. The iron condor on BJ below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.

Why this iron condor structure on BJ specifically: BJ IV at 35.80% is mid-range versus its 1-year history, so the credit collected on a BJ iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 10.26% (roughly $11.35 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on BJ should anchor to the underlying notional of $110.59 per share and to the trader's directional view on BJ stock.

BJ iron condor setup

The BJ iron condor below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BJ at $110.59 on that close, the first option leg uses a $115.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BJ chain at a 7-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BJ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$115.00	$2.13
Buy 1	Call	$120.00	$0.70
Sell 1	Put	$105.00	$1.40
Buy 1	Put	$100.00	$0.58

BJ iron condor risk and reward

Net Premium / Debit: +$225.00
Max Profit (per contract): $225.00
Max Loss (per contract): -$275.00
Breakeven(s): $102.75, $117.25
Risk / Reward Ratio: 0.818

Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.

BJ iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on BJ. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$275.00
$24.46	-77.9%	-$275.00
$48.91	-55.8%	-$275.00
$73.36	-33.7%	-$275.00
$97.81	-11.6%	-$275.00
$122.26	+10.6%	-$275.00
$146.72	+32.7%	-$275.00
$171.17	+54.8%	-$275.00
$195.62	+76.9%	-$275.00
$220.07	+99.0%	-$275.00

When traders use iron condor on BJ

Iron condors on BJ are a delta-neutral premium-collection structure that profits if BJ stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

BJ thesis for this iron condor

The market-implied 1-standard-deviation range for BJ extends from approximately $99.24 on the downside to $121.94 on the upside. A BJ iron condor is a delta-neutral premium-collection structure that pays off when BJ stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current BJ IV rank near 39.32% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on BJ should anchor more to the directional view and the expected-move geometry. As a Consumer Defensive name, BJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BJ-specific events.

BJ iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BJ positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BJ alongside the broader basket even when BJ-specific fundamentals are unchanged. Short-premium structures like a iron condor on BJ carry tail risk when realized volatility exceeds the implied move; review historical BJ earnings reactions and macro stress periods before sizing. Always rebuild the position from current BJ chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on BJ?: A iron condor on BJ is the iron condor strategy applied to BJ (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With BJ stock at $110.59 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed BJ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BJ iron condor max profit and max loss calculated?: Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the BJ iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.80%), the computed maximum profit is $225.00 per contract and the computed maximum loss is -$275.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BJ iron condor?: The breakeven for the BJ iron condor priced on this page is roughly $102.75 and $117.25 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The BJ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a iron condor on BJ?: Iron condors on BJ are a delta-neutral premium-collection structure that profits if BJ stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current BJ implied volatility affect this iron condor?: BJ ATM IV is at 35.80% with IV rank near 39.32%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.